Assets Cash CONCORD COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total 2022 $37,600 23,700 29,900 59,100 (32,200) $118,100 $18,400 7,400 27,600 18,200 46,500 $118,100 2021 $20,400 17,600 21,100 77,800 (23,100) $113,800 $14,100 8,300 43,900 14,400 33,100 $113,800 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1. 2 CONCORD COMPANY Income Statement For the Year Ended December 31, 2022 3. 4. 5. $17,500 7,400 $242,400 175,900 66.500 24,900 41.600 2,700 38,900 7,780 $31.120 Depreciation expense was $18,400. Dividends declared and paid were $17,720. During the year, equipment was sold for $9.400 cash. This equipment originally cost $18,700 and had accumulated depreciation of $9,300 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash Prepare a statement of cash flows using the indirect method.