Coronado Industries has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Coronado Industries for 2022 and 2021 are provided below. BALANCE SHEETS 12/31/22 Cash $408000 Accounts receivable 360000 Inventory 386000 Property, plant and equipment $608000 Less accumulated depreciation (319000) 289000 $1443000 12/31/21 $ 193000 216000 482000 $961000 (305000) 656000 $1547000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 177000 352000 361000 197500 355500 $1443000 $ 98000 391000 600000 214000 244000 $1547000 $8420000 7150000 1270000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue Cost of sales Gross profit Selling expenses $601000 Administrative expenses 191000 Income from operations Interest expense Income before taxes Income taxes Net income 792000 478000 72000 406000 101500 $ 304500 The following additional data were provided: 1. Dividends for the year 2022 were $193000. 2. During the year, equipment was sold for $239000. This equipment cost $352000 originally and had a book value of $289000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. The net cash provided by operating activities is $423500. $254500. $304500. $215500