Great Adventures Problem AP11-1 The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $ 166,380 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues: Expenses: Cost of goods sold $38,600 Operating expenses 52,620 Depreciation expense 17,400 Interest expense 7,034 Income tax expense 15, 280 Total expenses Net income 130,934 $ 35,446 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (I) or Decrease (D) 2022 2021 $ 188,204 47,780 7,200 920 $ 65,200 0 0 4,580 $123,004 (I) 47,780 (1) 7,200 (I) 3,660 (D) Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 520,000 806,000 64,060 (25,450) $1,608,714 0 0 41,000 (8,050) $102,050 520,000 (I) 806,000 (1) 23,060 (1) 17,400 (I) $ $ 18,160 (I) Liabilities and Stockholders' Equity Current liabilities: Accounts payable 21,000 Interest payable 760 Income tax payable 15,280 Other current liabilities 21,600 Notes payable (current and long-term) 543, 838 Stockholders' equity: Common stock 122,000 Paid-in capital 922,200 Retained earnings 58,036 Treasury stock (96,000) Total liabilities and stockholders' equity $1,608,714 2,840 760 14,020 0 30, 200 1,260 (I) 21,600 (I) 513,638 (I) 20,000 0 33,550 0 $102,050 102,000 (I) 922,200 (I) 24,486 (I) (96,000) (I) 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.) Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities es 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