Fixed Assets Accum. Depreciation $ Kerby Company has prepared the following Balance Sheets for 2023 and 2022. 12/31/23 12/31/22 Cash $ 61 $ 42 Accounts receivable 41 40 Fixed assets 579 465 Accumulated depreciation (175) (140) $506 $407 Accounts payable $ 74 $ 140 Mortgage payable 40 19 Preferred stock 161 Additional Paid-In Capital - preferred 70 40 Common stock 100 100 Retained earnings 61 $506 8 $407 100 1. On 8/1/23, Kerby sold a fixed asset with a cost of $91 and book value of $66 for $70. 2. Retained Earnings was adjusted by dividends and net income only. 3. Net Income in 2023 was $80. a. Net Cash Provided by Operations is $ b. Net Cash Used by Investments is $ C. Net Cash Provided by Financing is $ Kerby Company Statement of Cash Flows For the Year Ended December 31, 2023 Cash flows from operating activities Net Income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Gain on sale of disposal of plant asset Increase in accounts receivable Decrease in accounts payable Net cash provided (used) by operating activities Cash flows from investing activities Cash proceeds from sale of fixed assets Purchase fixed assets Net cash provided (used) by investing activities Cash flows from financing activities Cash receipt from issuance of mortgage payable Cash receipt from issuance of preferred stock Cash payment of dividends Net cash provided (used) by financing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year SA $ 42 42 1. Cost - Book Value + Accum. Dep. Cash Accum. Depr. Asset Gain 2. Beg. Ret. Earn. +Net Income -Dividends =End. Ret. Earn. $