Great Adventures Problem AP11-1 The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenuesi Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $39,400 62,380 18,600 9,029 $183,260 144,809 15,400 $ 38,451 Assets Current assets: Cash Accounts receivable Inventory Other current assets GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current and long-tern) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock 2022 2021 Increase (I) or Decrease (D) $ 249,292 49,220 8,800 $ 58,560 $ 190,732 (I) 49,220 (1) 8,800 (1) 1,080. 5,220 4,140 (D) 680,000 854,000 680,000 (I) 854,000 (1) 80,540 (27,050) 49,000 31,540 (I) (8,450) 18,600 (1) $1,895,882 $110,450 F 28,720 840 15,400 $ 3,160 840 14,180 $ 25,560 (1) 26,400 1,220 (1) 26,400 (1) 703,481 31,800 671,681 (I) 138,000 20,000 1,067,800 118,000 (1) 1,067,800 (I) 59,241 34,350 24,891 (I) (144,000) (144,000) (1) $1,895,882 $110,450 Total liabilities and stockholders' equity Additional Information for 2022: 1. Land of $680,000 was obtained by issuing a note payable to the seller. 2. Buildings of $854,000 and equipment of $31,540 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $8,319. 4. Issued common stock for $1,180,000. 5. Purchased 11,800 shares of treasury stock for $24 per share. 6. Sold 5,800 shares of treasury stock at $25 per share. 7. Declared and paid a cash dividend of $13,560. Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method. (List cash outflows and any decrease in cash as 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