Great Adventures Problem AP11-1 The Income statement, balance sheets, and additional Information for Great Adventures, Inc., are provided below. $168,499 GREAT ADVENTURES, INC. Income statement For the year ended December 31, 2922 Net revenues: Expenses: Cost of goods sold $38,760 Operating expenses 53,840 Depreciation expense 17,550 Interest expense 7,284 Income tax expense 14,700 Total expenses Net income 132,674 $ 36,416 GREAT ADVENTURES, INC. Balance sheets December 31, 2022 and 2921 Increase (I) or Decrease (D) 2222 2021 $ 63,120 $ 195,840 47,960 7,480 949 $ 132,669 (1) 47,969 (I) 7,400 (I) 3,720 (D) 4,660 Assets Current assets: Cash Accounts receivable Inventory other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 548,66 812,680 66,120 ( 25,650) $1,644,610 540,000 (1) 812,000 (1) 24,129 (I) 17,559 (1) 42,000 (8,180) $183,180 $ $ 19,682 (I) Liabilities and stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable other current liabilities Notes payable (current and long-term) stockholders' equity: Gombn stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 22,569 770 14,7ee 22,200 563,794 $ 2,328 779 14,640 669 (1) 22,289 (1) 533,394 (1) 30,480 29,000 124,000 940,400 58,186 (102,000) $1,644, 610 184,089 (1) 940,480 (1) 24,536 (I) (192,Gee) (1) 33,650 $183,100 Additional Information for 2022: 1. Land of $540,000 was obtained by Issuing a note payable to the seller. 2. Buildings of $812,000 and equipment of $24120 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $6,606. 4. Issued common stock for $1.040,000. 5. Purchased 10,400 shares of treasury stock for $17 per share. 6. Sold 4,400 shares of treasury stock at $18 per share. 7. Declared and paid a cash dividend of $11,880. Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the indred method. IList cash outflows and any decrease in cash es negative amounts. GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities