Condensed financial data of Metlock, Inc. follow. Metlock, Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $115,800 $48,500 Accounts receivable 91,200 33.000 Inventory 111.900 102.400 Prepaid expenses 29,600 25,500 Long-term investments 139,000 114.700 Plant assets 275.100 242,400 147.500) 152.100) Accumulated depreciation Total $715.100 $514.400 Liabilities and Stockholders' Equity $111.700 $67,400 Accounts payable Accrued expenses payable Bonds payable 16.100 17,400 116,800 149.100 Common stock 219.400 176,000 Retained earnings 251,100 104,200 Total $715.100 $514.400 Metlock, Inc. Income Statement For the Year Ended December 31, 2022 Sales revenue $392,500 Less: Cost of goods sold $135,600 Operating expenses, excluding depreciation 11,000 Depreciation expense 32,100 Income tax expense 26.900 Interest expense 4,600 Loss on disposal of plant assets 7.500 217,700 Net income $174.800 Additional information: 1. 2. 3. New plant assets costing $79,500 were purchased for cash during the year. Old plant assets having an original cost of $46,800 and accumulated depreciation of $36,700 were sold for $2.600 cash. Bonds payable matured and were paid off at face value for cash. A cash dividend of $27,900 was declared and paid during the year. Common stock was issued at par for cast 4. 5. 6. There were no significant noncash transactions. 3 4. Bonds payable matured and were paid off at face value for cash A cash dividend of $27.900 was declared and paid during the year. Common stock was issued at par for cash 5. 6. There were no significant noncash transactions. Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with elther a-signes. -15,000 or in parenthesis eg. (15,0001) Metlock, Inc. Statement of Cash Flows-Indirect Method Cash flows from Operating Activities Nell 5 174 800.00 Adjustments to reconcile net income ta Net Increase in Cash Common Stock 43.40000 Net Darre in Cash 17.10.10 Nctic Cal 67 300.00 Cachat Beginning of Parind 48.500.00 Cochal End of Period S 115.000,00 c Textbook and Mcdia 584elor Laler Last savinius. Attempts: 0 of 3 used Submit Arome