Kingbird, Inc. reported the following information for 2022. Assets Cash Accounts receivable Inventory Prepaid expenses Land Kingbird, Inc. Comparative Balance Sheets December 31 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals 2022 $141,600 148,800 105,600 14,400 132,000 480,000 (50,400) 439,200 (67,200 ) $1,344,000 $103,200 0 240,000 552,000 448.800 $1,344,000 2021 $86,400 52,800 -0- 9,600 168,000 480,000 (33,600 ) 163,200 (24,000) $902,400 $96,000 24,000 360,000 144,000 278,400 $902,400 Change Increase/Decrease $55,200 Increase 96,000 Increase 105,600 Increase 4,800 Increase 36,000 Decrease -0- 16,800 Increase 276,000 Increase 43,200 Increase $7,200 Increase 24,000 Decrease 120,000 Decrease 408.000 Increase 170,400 Increase For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Income before income taxes Income tax expense Net income Additional information: 1. 2. 3. 4. 5. 6. $1,140,000 554,400 28,800 4,800 $2,258,400 1,728,000 530,400 156,000 $374,400 Operating expenses include depreciation expense of $96,000. Land was sold at its book value for cash. Cash dividends of $204,000 were declared and paid in 2022. Equipment with a cost of $398,400 was purchased for cash. Equipment with a cost of $122,400 and a book valu was sold for $81,600 cash. Bonds of $120,000 were redeemed at their face value for cash. Common stock ($1 par) of $408,000 was issued for cash. Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow sign eg.-15,000 or in parenthesis eg. (15,000)) Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g.-15,000 or in parenthesis e.g. (15,000)) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Kingbird, Inc. Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2022 Loss on Disposal of Equipment Increase in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Increase in Accounts Payable Decrease in Accrued Expenses Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land sale of qulament Purchase of Equipment 1000 96000 4800 Purchase of Equipment Net Cash Provided by Financing Activities v Cash Flows from Financing Activities Redemption of Bonds Sale of Common Stock Payment of Dividends Net Cash Provided by Financing Activities, Cash at Beginning of Period Cash at End of Period. eTextbook and Medial Saw for Later 000 110 Attempts: 2 of 5 used Submit Answer