2. The Fast Motor Corporation reported the following balance sheet data for 2021 and 2022. 2022...

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2. The Fast Motor Corporation reported the following balance sheet data for 2021 and 2022. 2022 Cash $ 70,000 2021 $20,000 Short-term investments 15,000 45,000 Accounts receivable Inventory 80,000 58,000 190,000 145,000 Prepaid insurance 1,000 5,000 Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable 1,250,000 (610,000) $ 996,000 $ 76,000 120,000 50,000 1,125,000 (572,000) $ 826,000 $ 92,000 47,000 75,000 Salaries payable Rent payable (current) Bonds payable 100,000 0 Common stock 300,000 300,000 Retained earnings 350,000 312,000 Total liabilities and shareholders' equity $ 971,000 $ 826,000 Additional information for 2022: (1.) Sold short-term investments costing $30,000 for $34,000. (2.) Equipment costing $35,000 with a book value of $10,000 was sold for $3,000. (3.) Issued 6% bonds payable at par, $100,000. (4.) Purchased new equipment for cash $160,000. (5.) Paid cash dividends of $22,000. (6.) Net income was $60,000. Required: Prepare a complete statement of cash flows for 2022 using the indirect method for cash flows from operating activities. (14 points) 2. The Fast Motor Corporation reported the following balance sheet data for 2021 and 2022. 2022 Cash $ 70,000 2021 $20,000 Short-term investments 15,000 45,000 Accounts receivable Inventory 80,000 58,000 190,000 145,000 Prepaid insurance 1,000 5,000 Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable 1,250,000 (610,000) $ 996,000 $ 76,000 120,000 50,000 1,125,000 (572,000) $ 826,000 $ 92,000 47,000 75,000 Salaries payable Rent payable (current) Bonds payable 100,000 0 Common stock 300,000 300,000 Retained earnings 350,000 312,000 Total liabilities and shareholders' equity $ 971,000 $ 826,000 Additional information for 2022: (1.) Sold short-term investments costing $30,000 for $34,000. (2.) Equipment costing $35,000 with a book value of $10,000 was sold for $3,000. (3.) Issued 6% bonds payable at par, $100,000. (4.) Purchased new equipment for cash $160,000. (5.) Paid cash dividends of $22,000. (6.) Net income was $60,000. Required: Prepare a complete statement of cash flows for 2022 using the indirect method for cash flows from operating activities. (14 points)