Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Harlan Mining Co. for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation BALANCE SHEETS 12/31/22 $408,000 360,000 384,000 $608,000 (320,000) $1.440.000 12/31/21 $ 192,000 216,000 480,000 $960,000 (304,000) 656,000 $1.544.000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 176,000 352,000 360,000 216,000 336.000 $1.440.000 $ 96.000 392,000 600,000 216,000 240.000 $1,544.000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue $8,400,000 Cost of sales 7 152.000 Gross profit 1,248,000 Selling expenses $600,000 Administrative expenses 192.000 792,000 Income from operations 456,000 Interest expense 72,000 Income before taxes 384,000 Income taxes 96,000 Net income $ 288.000 The following additional data were provided: 1. Dividends for the year 2022 were $192,000. 2. During the year, equipment was sold for $240,000. This equipment cost $352,000 originally and had a book value of $288,000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. Under the direct method, the cash received from customers is