Could you help me how to figure out the statement of cash flows step by step with explanation for each step to understand them please?

For December 31, 2021, the balance sheet of the Nova Scotia Corporation is as follows: Sales for the year 2022 were $220,000, with cost of goods sold being 60 percent of sales. Amortization expense was 10 percent of pant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 8 percent, while interest on the notes payable was 10 percent. These are based on December 31 . 2021, balances. Selling and administrative expenses were $22,000, and the tax rate averaged 18 percent. During the year 2022, the cash balance and prepaid expenses balance were unchanged. Accounts recelvable and irventory each increased by 10 percent, and accounts payable increased by 25 percent. A new machine was purchased on December 31, 2022, at a cost of 535,000 . A cash dividend of $12,800 was paid to common shareholders at the end of 2022 . Nso, notes payable increased by $6,000 and bonds payable decreased by $10,000. The common stock account did not change. a. Prepare an income statement for the year 2022 b. Prepare a balance sheet as of December 31,2022 c. Prepare a statement of cash flows for the year ended December 31,2022 Instructions Use the templates below to meet the requirements of the problem. a. Prepare an income statement for the year 2022 . b. Prepare a balance sheet as of December 31, 2022. Nova Scotia Corporation Balance Stheet December 31, 2022 CurrentAssets Cash c. Prepare a statement of cash flows for the year ended December 31, 2022. Nova Scotia Corporation Statement of Cash Flows For the Year Ended December 31, 2022 For December 31, 2021, the balance sheet of the Nova Scotia Corporation is as follows: Sales for the year 2022 were $220,000, with cost of goods sold being 60 percent of sales. Amortization expense was 10 percent of pant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 8 percent, while interest on the notes payable was 10 percent. These are based on December 31 . 2021, balances. Selling and administrative expenses were $22,000, and the tax rate averaged 18 percent. During the year 2022, the cash balance and prepaid expenses balance were unchanged. Accounts recelvable and irventory each increased by 10 percent, and accounts payable increased by 25 percent. A new machine was purchased on December 31, 2022, at a cost of 535,000 . A cash dividend of $12,800 was paid to common shareholders at the end of 2022 . Nso, notes payable increased by $6,000 and bonds payable decreased by $10,000. The common stock account did not change. a. Prepare an income statement for the year 2022 b. Prepare a balance sheet as of December 31,2022 c. Prepare a statement of cash flows for the year ended December 31,2022 Instructions Use the templates below to meet the requirements of the problem. a. Prepare an income statement for the year 2022 . b. Prepare a balance sheet as of December 31, 2022. Nova Scotia Corporation Balance Stheet December 31, 2022 CurrentAssets Cash c. Prepare a statement of cash flows for the year ended December 31, 2022. Nova Scotia Corporation Statement of Cash Flows For the Year Ended December 31, 2022