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Condensed financial data of Kingbird, Inc. follow Kingbird, Inc. Comparative Balance Sheets December 31 Assets 2022 Cash $ 169,680 Accounts receivable 184,380 Inventory 236,250 Prepaid
Condensed financial data of Kingbird, Inc. follow Kingbird, Inc. Comparative Balance Sheets December 31 Assets 2022 Cash $ 169,680 Accounts receivable 184,380 Inventory 236,250 Prepaid expenses 59,640 Long-term investments 289,800 Plant assets 598,500 Accumulated depreciation (105,000 Total 51.433.250 Liabilities and Stockholders' Equity Accounts payable $ 214,200 Accrued expenses payable 34,650 Bonds payable 231.000 Common stock 462.000 Retained earnings 491.400 Total $1.433.250 2021 $ 101.640 79.800 215.985 54,600 228,900 509,250 (109,200) $1,080,975 $ 141.330 44,100 306,600 367,500 221.445 $1,050,975 $815,766 Kingbird, Inc. Income Statement Data For the Year Ended December 31, 2022 Sales revenue Less Cost of goods sold $284,466 Operating expenses, excluding depreciation 26,061 Depreciation expense 97.650 Income tax expense 57.288 Interest expense 9.933 Loss on disposal of plant assets 15.750 Net income 492,148 $324,618 Additional information 1. 2 3. New plant assets costing $210,000 were purchased for cash during the year. Old plant assets having an original cost of $120,750 and accumulated depreciation of $101.850 were sold for $3,150 cash Bonds payable matured and were paid off at face value for cash. A cash dividend of $54,663 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signes.-15,000 or In parenthesis es (15,000.) Kingbird, Inc. Statement of Cash Flows Cash Flows from Operating Activities Net Income V 324611 Adjustments to reconcile net income to
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