please answer. thanks Blossom Ltd., which follows ASPE had the following comparative statement of financial position:AssetsCashAccounts receivableInventoryPrepaid insuranceEquipmentAccumulated depreciation-equipmentPatentsBlossom Ltd.Comparative Statement of Financial PositionDecember 31Total assetsAccounts payableInterest payableSalaries and wages payableIncome taxes payableLong-term note payableCommon shares●Retained earningsTotal liabilities and shareholders' equityAdditional information:●●2024$60,680100,64059,2007,400Liabilities and Shareholders' Equity$68,080227,920(51,800)59,200$463,2405,92011,84011,84088,800192,40084,360$463,2402023$37,00075,48088,8005,920192,400(37,000)74,000$436,600$59,2008,8805,92014,800102,120192,40053,280$436,600Net income for the fiscal year was $39,960.Equipment that cost $29,600 and was 70% depreciated was sold during 2024, for a gain of $2,960.No patents were purchased or sold during the fiscal year.Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or inparenthesis e.g. (15,000).) Adjustments to reconcile net income tonet cash provided by operating activities:> >>>>>>Blossom Ltd.Statement of Cash Flows>$$$$$$$$

The cash flow statement is prepared to record the cash flow from various activities during the…

Blossom Ltd., which follows ASPE had the following comparative statement of financial position: Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Patents Blossom Ltd. Comparative Statement of Financial Position December 31 Total assets ● Accounts payable Interest payable Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 2024 $60,680 100,640 59,200 7,400 227,920 (51,800) 59,200 $463,240 Liabilities and Shareholders' Equity $68,080 5,920 11,840 11,840 88,800 192,400 84,360 $463,240 2023 $37,000 75,480 88,800 5,920 192,400 (37,000) 74,000 $436,600 $59,200 8,880 5,920 14,800 102,120 192,400 53,280 $436,600 Net income for the fiscal year was $39,960. Equipment that cost $29,600 and was 70% depreciated was sold during 2024, for a gain of $2,960. No patents were purchased or sold during the fiscal year. Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in