Condensed financial data of Sheridan Company follow. Sheridan Company Comparative Balance Sheets December 31 2021 Assets 2022 $ 48,480 $ 29,040 Cash Accounts receivable 52,680 22,800 67,500 Inventory 61,710 Prepaid expenses 17,040 15,600 Long-term investments 82,800 65,400 145,500 Plant assets 171,000 Accumulated depreciation (31,200 ) (30,000 ) $409,500 $308,850 Total Liabilities and Stockholders' Equity $ 40,380 $61,200 Accounts payable Accrued expenses payable 9,900 12,600 Bonds payable 66,000 87,600 Common stock 132,000 105,000 Retained earnings 140,400 63,270 $409,500 $308,850 Total Sheridan Company Income Statement Data For the Year Ended December 31, 2022 $233,076 Sales revenue Less: Cost of goods sold $81,276 Operating expenses, excluding depreciation 7,446 Depreciation expense 27,900 16,368 Income tax expense Interest expense 2,838 Loss on disposal of plant assets 4,500 140,328 $ 92,748 Net income Additional information: New plant assets costing $60,000 were purchased for cash during the year. 1. Old plant assets having an original cost of $34,500 and accumulated depreciation of $29,100 were sold for $900 cash. 2. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $15,618 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 - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Sheridan Company Statement of Cash Flows Adjustments to reconcile net income to %24