Condensed financial data of Sheridan Inc. follow. SHERIDAN INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $119,400 $47,400 Accounts receivable 92,500 32,000 Inventory 112,600 102,600 Prepaid expenses 29.100 25,300 Long-term investments 140,600 114,700 Plant assets 274,200 243,000 Accumulated depreciation (46.400) (51.600) Total $722,000 $513,400 Liabilities and Stockholders' Equity Accounts payable $111,700 $68,000 Accrued expenses payable 16,300 17,500 Bonds payable 115,300 149,100 Common stock 220,000 175,100 Retained earnings 258,700 103,700 Total $722,000 $513,400 SHERIDAN INC. Income Statement For the Year Ended December 31, 2022 Sales revenue $391,900 Less: Cost of goods sold $135,000 Operating expenses, excluding depreciation 11.200 Depreciation expense 33.200 Income tax expense 27.600 Interest expense 4,300 Loss on disposal of plant assets. 7.500 218,800 Net income $173,100 Additional information: V 1. New plant assets costing $79.900 were purchased for cash during the year. 2. Old plant assets having an original cost of $48,700 and accumulated depreciation of $38,400 were sold for $2,800 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $18,100 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions. 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 INC. Statement of Cash Flows Adjustments to reconcile net income to > < < tf $