Condensed financial data follow for Wildhorse Ltd. Wildhorse reports under ASPE. WILDHORSE LTD. Balance Sheet December 31 Assets 2021 2020 Cash $94,390 $45.500 Accounts receivable 75,000 43,200 129,500 92.900 39,700 24.800 127,600 113.600 272,700 243,900 (46,700) (50.600) Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Accrued expenses payable Notes payable Common shares $692,190 $513.300 $94.500 $76,000 11,300 7,000 111,900 151,800 227,000 170.600 Retained earnings 247,490 107.900 Total liabilities and shareholders' equity $692, 190 $513.300 WILDHORSE LTD. Income Statement Year Ended December 31, 2021 Sales $494,300 Cost of goods sold 184,700 Gross profit 309,600 Operating expenses $57,500 Depreciation expense 44,700 Loss on sale of equipment 7,020 109,220 Profit from operations 200,380 Other expenses 3,660 Interest expense Profit before income tax 196,720 44,500 Income tax expense Profit $152,220 1. 2. Additional information: New equipment costing $88,000 was purchased for $21,200 cash and a $66.800 note payable. Equipment with an original cost of $59.200 was sold at a loss of $7,020. Notes payable matured during the year and were repaid. A long-term investment was acquired for cash. 3. 4. 2- Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a - signes -15.000 or in parenthesis eg. (15,000).) WILDHORSE LTD. Cash Flow Statement-Indirect Method Adjustments to Reconcile Profit to >