Equipment 357,280 246,400 Accumulated depreciation 77,560 98,560 Accounts Payable 197,400 261,240 Current notes Payable 22,400 14,000 Notes Payable 210,000 120,400 ' Common shares 450,800 350,000 Retained earnings 290,640 264,600 Additional information regarding ICE Drilling's activities during 2022: . Loss on sale of equipment is $13,580. Paid $73,380 to reduce a long-term note payable. Equipment costing $115,000, with accumulated depreciation of $65,000, is sold for cash. Equipment costing $215,880 is purchased by paying cash of $56,000 and signing a long-term note payable for the balance. Required Borrowed $8,400 by signing a short-term note payable. Issued 5,600 common shares for cash at $18 per share. Declared and paid cash dividends of $139,160. Prepare a statement of cash flows for 2022 that reports the cash inflows and outflows from operating activities according to the Direct method. Show your supporting calculations. Also prepare a note describing non-cash investing and financing activities. ICE Drilling Inc.'s balance sheet information and income statement are as follows: ICE Drilling Inc. Income statement For Year Ended December 31, 2022 Sales Cost of goods sold Gross profits 1,111,600 560,000 551,600 Operating expenses: Depreciation expenses 42,000 Other expenses 305,760 Total operating expenses 347,760 Profit from operations 203,840 Loss on sale of equipment Profit before taxes Income taxes 11,480 192,360 27,160 Profits 165,200 Year ICE Drilling Inc. Comparative Balance sheet Information: 2022 2021 Cash 118,580 171,640 Accounts Receivable 145,600 111,160 Merchandise Inventory 613,200 565,600 Prepaid expenses 12,040 14,000 357.280 246 400