18 of 20 < > Current Attempt in Progress Condensed financial data of Sunland Inc. follow. SUNLAND INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $105,900 $47,000 Accounts receivable 92,700 33,100 Inventory 112,800 101,000 Prepaid expenses 29,200 25,500 Long-term investments 139.400 114,200 Plant assets 274,500 241,400 Accumulated depreciation (46,8001 (52,400) Total $707,700 $509,800 Liabilities and Stockholders' Equity Accounts payable $111,900 $67,800 Accrued expenses payable 16.000 17,300 Bonds payable 117,200 149,500 Common stock 219.100 175,300 Retained earnings 243,500 Total $707,700 99,900 $509,800 Sales revenue Loss: SUNLAND INC. Income Statement For the Year Ended December 31, 2022 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense $136,000 11,700 32.300 27.600 $392.600 -15 E Assignment Question 18 of 20 < SUNLAND INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $392,600 Less: Cost of goods sold $136,000 Operating expenses, excluding depreciation 11,700 Depreciation expense 32.300 Income tax expense 27,600 Interest expense 4,000 Loss on disposal of plant assets 7,500 219.100 Net Income $173,500 Additional information: 1. 2. New plant assets costing $81.000 were purchased for cash during the year. Old plant assets having an original cost of $47,900 and accumulated depreciation of $37,900 were sold for $2,500 cash. 2. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $29,900 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Sunland Inc. using the direct method (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) SUNLAND INC. Statement of Cash Flows Question 18 of 20 < > -15 Prepare a statement of cash flows for Sunland Inc. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SUNLAND INC. Statement of Cash Flows cash payments: $ Question 18 of 20 < > cash payments: $ $