Big Al is the primary shareholder of Big Al’s Fish store. The bank has asked to review his December 31, 2021 cash flow statement. Financial information for Big Al’s Fish Store prepared in accordance with ASPE follows:

Big Al is the primary shareholder of Big Al’s Fish store. The bank has asked to review his December 31, 2021 cash flow statement. Financial information for Big Al’s Fish Store prepared in accordance with ASPE follows:

Additional information:

1. During the year, convertible bonds issued at par with a face value of $100,000, originally accounted for using the zero-equity method, were converted into common shares at their book value.
2. On December 31, 2021, Big Al issued 5 year, 5% bonds with a face value of $250,000 with interest paying annually. The bonds sold for proceeds of $220,000. Big Al paid issuance costs of $20,000. No other bonds were bought or redeemed during the year.
3. Big Al had a net loss of $48,000 for the year.
4. Total interest expense (on bank loans and bonds) for the year was $90,000.
5. Income taxes are prepared using the accrual method. The increase in deferred tax assets relates to tax losses carried forward in 2021.

Required:

Prepare a statement of cash flows in good form for the year ended December 31, 2021, using the indirect method.