Great Adventures Problem AP11-1 The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $174,820 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues : Expenses : Cost of goods sold $ 39,000 Operating expenses 57,500 Depreciation expense 18,000 Interest expense 8,032 Income tax expense 15,000 Total expenses Net income 137, 532 $ 37,288 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ 218,748 48,500 8,000 1,000 $ 61,200 0 0 4,900 $ 157,548 (1) 48,500 (1) 8,000 (1) 3,900 (D) Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 600,000 830,000 72,300 (26.250) $1.752,298 0 0 45,000 (8,250) $106,250 600,000 (1) 830,000 (1) 27,300 (I) 18,000 (1) $ 25,200 BOD 15.000 24,000 623,660 $ 3,000 800 14,100 0 31,000 $ 22,200 (1) 900 (1) 24,000 (1) 592,660 (1) 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 Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 130.000 995,000 58,638 (120,000) $1,752,298 20,000 0 33,950 0 $106,250 110,000 (1) 995,000 (1) 24,688 (1) (120,000) (1) Additional Information for 2022: Additional Information for 2022: nces 1. Land of $600,000 was obtained by issuing a note payable to the seller. 2. Buildings of $830,000 and equipment of $27,300 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $7,340. 4. Issued common stock for $1,100,000. 5. Purchased 11,000 shares of treasury stock for $20 per share. 6. Sold 5,000 shares of treasury stock at $21 per share. 7. Declared and paid a cash dividend of $12,600. 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 K Adjustments to reconcile net income to net cash flows from operating activities: nces Net cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities Not cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities a