Condensed financial data of Pharoah Company follow.

Pharoah Company

Comparative Balance Sheets

December $31$

Pharoah Company

Income Statement

For the Year Ended December $31,2022$

$2022$

$$109,700$

$92,200$

$113,000$

$29,900$

$139,800$

$275,400$

$(47,200)$

$$712,800$

$2021$

$$47,900$

$32,700$

$101,200$

$25,900$

$113,500$

$242,200$

$(53,000)$

$$510,400$

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

$$392,800$

$$134,900$

$12,400$

$31,100$

$26,900$

$4,100$

$7,500$

$216,900$

$$175,900$

Additional information:

Liabilities and Stockholders' Equity

Accounts payable

Accrued expenses payable

Bonds payable

Common stock

Retained earnings

Tota

$$111,800$

$16,100$

$118,700$

$219,400$

$246,800$

$$712,800$

$$67,300$

$17,100$

$149,600$

$174,500$

$101,900$

$$510,400$

$1.$

$2.$

SUPPORT

$3.$

$4.$

$5.$

$=$ SUPPO

$6$

New plant assets costing $$80,500$ were purchased for cash during the year.

Old plant assets having an original cost of $$47,300$ and accumulated depreciation of $$36,900$

were sold for $$2,900$ cash.

Bonds payable matured and were paid off at face value for cash.

A cash dividend of $$31,000$ was declared and paid during the year.

Common stock was issued at par for cash.

There were no significant noncash transactions.

Assets

Cash

Accounts receivable

Inventory

Prepaid expenses

Long$-$term investments

Plant assets

Accumulated depreciation

TotalPrepare 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$.(15,000).)$

Pharoah Company

Statement of Cash Flows $-$ Indirect Method

Adjustments to reconcile net income to

$