3 $185, 370 For the year ended December 31, 2022 Net revenues: Expenses: Cost of goods sold $19,5ee Operating expenses 63,620 Depreciation expense 18,750 Interest expense 9,279 Income tax expense 15,500 Total expenses Net Inco 4 DO 146.629 $ 38,741 2021 Increase or Decrease 1 References 1.100 GREAT ADVENTURES, INC Balance Sheets December 31, 2022 and 2021 Assets 2022 Current setst Cash $ 256,928 Accounts receivable 49.480 Inventory 9,000 Other current assets Long-term assets: Land 700,000 Buildings 360.000 Equipment 82.600 Accumulated depreciation 127.250 Total assets 51.931,778 Liabilities and Stockholders Equity Current liabilities Accounts payable $ 29,600 Interest payable ase Income tax payable 15,500 Other current liabilities 27.000 Notes payable current and long-ter) 723,47 Stockholders' equity! Con stock 140,00 Paldin capital 1,606,00 Retained earnings 59.21 Treasury stock (150.00 Total liabilities and stockholders' county $1.911.778 $57.900 199,028 49,400 (1) 9,000! 5.100 4,200 (0) 700,000 (1) 860,000 (1) 50.000 32.600 () 0.500 18.750 (9) $111,500 $ 3.20 850 14.20 . 12.000 20,000 34.450 $ 26,400 (1) 1.300) 27,000 (1) 691,437 (1) 120,000 (1) 1,000,000 (1) 24,941 1 1150,00) 11) $111,50 Print 1. Land of $700,000 was obtained by Issuing a note payable to the seller. 2. Buildings of $860,000 and equipment of $32,600 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $8,563. 4. Issued common stock for $1,200,000. 5. Purchased 12,000 shares of treasury stock for $25 per share. 6. Sold 6,000 shares of treasury stock at $26 per share, 7. Declared and paid a cash dividend of $13,800. ferences Required: Prepare the statement of cash flows for the year ended December 31, 2022. using the Indirect method. (List cash outflows and any decrease in cash as negative amounts.) GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flow from operating activities Cash Flows from Investing Activities $ 0 Net cash flow from investing activities Cash Flows from Financing Activities 0 $ 0 Net cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities 0 Net cash flows from financing activities 0 0 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $