In this assignment, you are provided with the financial statements $($income statement and balance sheet$)$ of a publicly traded company. Your task is to prepare a cash flow statement using the indirect method. Additionally, you will include a section explaining the adjustments made to reconcile net income to net cash provided by operating activities. Financial Statements for Analysis Income Statement: ABC Corporation for the year ended $31$ December $2023$ Revenue Amount $($USD$)$ Sales Revenue $5,000,000$ Total Revenue $5,000,000$ Expenses Amount $($USD$)$ Cost of Goods Sold $3,500,000$ Selling, General and Administrative Expenses $1,140,000$ Depreciation Expense $100,000$ Interest Expense $50,000$ Income Tax Expense $150,000$ Total Expenses $4,940,000|$ Net Income $|60,000|$ Balance Sheet: ABC Corporation as of $31$ December $2023$ Assets Amount $($USD$)$ Current Assets $$ Cash and Cash Equivalents $150,000$ Accounts Receivable $300,000$ Inventory $500,000$ Prepaid Expenses $50,000$ Total Current Assets $1,000,000|$ Non$-$Current Assets $|||$ Property, Plant and Equipment $($net$)|1,000,000||$ Intangible Assets $|200,000||$ Total Non$-$Current Assets $|1,200,000||$ Total Assets $|2,200,000|$ Liabilities and Shareholders' Equity Amount $($USD$)$ Current Liabilities $$ Accounts Payable $400,000$ Short$-$term Debt $200,000$ Accrued Expenses $50,000$ Total Current Liabilities $650,000|$ Non$-$Current Liabilities $|||$ Long$-$term Debt $|500,000||$ Total Non$-$Current Liabilities $|500,000||$ Total Liabilities $|1,150,000||$ Shareholders' Equity $|||$ Common Stock $|500,000||$ Retained Earnings $|550,000||$ Total Shareholders' Equity $|1,050,000||$ Total Liabilities and Shareholders' Equity$|2,200,000|$ Balance Sheet: ABC Corporation as of $31$ December $2022$ Assets Amount $($USD$)$ Current Assets $$ Cash and Cash Equivalents $100,000$ Accounts Receivable $250,000$ Inventory $300,000$ Prepaid Expenses $30,000$ Total Current Assets $680,000|$ Non$-$Current Assets $|||$ Property, Plant, and Equipment $($net$)|1,100,000||$ Intangible Assets $|200,000||$ Total Non$-$Current Assets $|1,300,000||$ Total Assets $|1,980,000|$ Liabilities and Shareholders' Equity Amount $($USD$)$ Current Liabilities $$ Accounts Payable $250,000$ Short$-$term Debt $-$ Accrued Expenses $40,000$ Total Current Liabilities $290,000|$ Non$-$Current Liabilities $|||$ Long$-$term Debt $|700,000||$ Total Non$-$Current Liabilities $|700,000||$ Total Liabilities $|990,000||$ Shareholders' Equity $|||$ Common Stock $|500,000||$ Retained Earnings $|490,000||$ Total Shareholders' Equity $|990,000||$ Total Liabilities and Shareholders' Equity$|1,980,000|$ Download here Links to an external site.to view the financial statements in Excel format. Additional Information: $-$ Depreciation expense for the year was $$100,000.-$ There were no disposals of property, plant and equipment during the year. $-$ No dividends were paid during the year. $-$ There were no changes in intangible assets during the year. $-$ No new shares were issued during the year. Tasks:

Using the provided financial statements, prepare the cash flow statement for ABC Corporation for the year ended $31$ December $2023$ using the indirect method. Be sure to include the following:

$1)$ Operating Activities: Start with net income. Adjust for changes in working capital accounts $($accounts receivable, inventory, prepaid expenses, accounts payable and accrued expenses$).$ Include non$-$cash expenses $($depreciation$).$

$2)$ Investing Activities: Account for purchases or sales of property, plant and equipment $($none in this case$).$

$3)$ Financing Activities: Account for changes in debt and equity $($e$.$g$.$ issuance or repayment of debt, issuance of shares$).$

$4)$ Reconciliation of Net Income: Provide detailed adjustments to reconcile net income to net cash provided by operating activities.

$5)$ Explanatory Notes and Analysis: Explain major adjustments and items in the cash flow statement. Analyse the company$$s cash flow, discussing the implications of cash flows from operating, investing and financing activities.