Additional Information for 2022: Great Adventures Problem AP11-1 The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. 1. Land of $800,000 was obtained by issuing a note payable to the seller. 2. Buildings of $890.000 and equipment of $37.900 were purchased using cash 3. Monthly payments during the year reduced notes payable by $9.788. 4. Issued common stock for $1,300,000 5. Purchased 13.000 shares of treasury stock for $30 per share. 6. Sold 7.000 shares of treasury stock at $31 per share. 7. Declared and paid a cash dividend of $15.000. $195,920 Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method. (List cash outflows and decrease in cash as negative amounts.) GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues: Expenses: Cost of goods sold $40,000 Operating expenses 69,700 Depreciation expense 19,500 Interest expense 10,526 Income tax expense 16,000 Total expenses Net income GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities 155,726 $ 40,194 Adjustments to reconcile net income to net cash flows from operating activities GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ $ 54,600 $ 295,106 50,300 10,000 1,200 240,506 50,380 10,000 4,580 (I) (1) (1) (D) 5,700 Net cash flow from operating activities Cash Flows from Investing Activities Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 800,000 890,000 92,900 (28,250) $2,111, 256 55,000 (8,750) $116,750 800,000 890,000 37,900 19,500 (1) (1) (1) (1) Net cash flow from investing activities Cash Flows from Financing Activities $ $ $ 30,600 (I) Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current and long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 34,000 900 16,000 30,000 823,212 3,400 900 14,380 1,700 30,000 790,212 (1) (1) (I) Net cash flows from financing activities 33,080 20,000 150,000 1,177,000 60,144 (180,000) $2,111,256 Cash at the beginning of the period Cash at the end of the period 130,000 (1) 1,177,000 (1) 25,194 (I) (180,000) (I) 34,95 Note Noncash Activities $116.750