\begin{tabular}{|c|c|c|} \hline Retained earnings & 249,600 & 102,800 \\ \hline Total & $708,600 & $512,100 \\ \hline \end{tabular} SHERIDAN INC. Income Statement For the Year Ended December 31, 2022 Sales revenue Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets Net income $392,200 \begin{tabular}{rr} $135,000 & \\ 13,000 & \\ 29,800 & \\ 26,300 & \\ 4,300 & \\ 7,500 & \\ \hline & 2176,900 \\ \hline \end{tabular} Additional information: eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answer SHERIDAN INC. Comparative Balance Sheets December 31 \begin{tabular}{|c|c|c|} \hline Assets & 2022 & 2021 \\ \hline Cash & $107,500 & $47,700 \\ \hline Accounts receivable & 91,400 & 33,900 \\ \hline Inventory & 112,200 & 102,200 \\ \hline Prepaid expenses & 29,100 & 25,400 \\ \hline Long-term investments & 140,700 & 114,600 \\ \hline Plant assets & 275,200 & 241,200 \\ \hline Accumulated depreciation & (47,500) & (52,900) \\ \hline Total & $708,600 & $512,100 \\ \hline \end{tabular} \begin{tabular}{lrr} Liabilities and Stockholders' Equity & & \\ Accounts payable & $112,000 & $67,500 \\ Accrued expenses payable & 16,000 & 17,100 \\ Bonds payable & 111,300 & 149,900 \\ Common stock & 219,700 & 174,800 \end{tabular} 1. New plant assets costing $79,700 were purchased for cash during the year. 2. Old plant assets having an original cost of $45,700 and accumulated depreciation of $35,200 were sold for $3,000 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $29,500 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)