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 revenues: Expenses: $166,380 Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $38,600 52,620 17,400 7,034 15,280 130,934 $ 35,446 Assets GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (I) or 2022 2021 Decrease (D) Current assets: Cash Accounts receivable Inventory Other current assets 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-term) Stockholders' equity: Common stock 188,204 47,780 $ 65,200 $123,004 (1) 0 47,780 (I) 7,200 0 7,200 (I) 920 4,580 3,660 (D) 520,000 0 520,000 (1) 806,000 0 806,000 (I) 64,060 41,000 (25,450) (8,050) 23,060 (I) 17,400 (I) $1,608,714 $102,050 $ 21,000 760 $ 2,840 760 $ 18,160 (I) 15,280 14,020 21,600 0 543,838 30,200 1,260 (I) 21,600 (I) 513,638 (I) 122,000 20,000 102,000 (1) Paid-in capital 922,200 0 922,200 (I) Retained earnings 58,036 33,550 24,486 (I) Treasury stock (96,000) 0 (96,000) (I) Total liabilities and stockholders' equity $1,608,714 $102,050 Additional Information for 2022: 1. Land of $520,000 was obtained by issuing a note payable to the seller. 2. Buildings of $806,000 and equipment of $23,060 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $6,362. 4. Issued common stock for $1,020,000. 5. Purchased 10,200 shares of treasury stock for $16 per share. 6. Sold 4,200 shares of treasury stock at $17 per share. 7. Declared and paid a cash dividend of $12,320. 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.) For the rear cued December 31, VEL 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