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The comparative statement of financial position of Bridgeport Corporation as at December 31,2023, follows: ...

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Accounting

The comparative statement of financial position of Bridgeport Corporation as at December 31,2023, follows:
BRIDGEPORT CORPORATION
Statement of Financial Position
December 31
December 31
Assets
2023
2022
Cash
$51,500
$10,000
Accounts receivable
90,800
88,700
Equipment
27,600
21,900
Less: Accumulated depreciation
(9,900)
(11,500)
Total
$160,000
$109,100
Liabilities and Shareholders' Equity
Accounts payable
$20,000
$14,200
Common shares
100,000
79,200
Retained earnings
40,000
15,700
Total
$160,000
$109,100
Net income of $37,200 was reported and dividends of $12,900 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $4,900(cost of $11,800 and accumulated depreciation of $6,900) was sold for $8,400.
Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Bridgeport prepares financial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g.(15,000).) Please provide detailed solutions.

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