Kingbird, Inc. reported the following information for 2022. Kingbird, Inc. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land 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 2021 $86,400 52,800 -0- 9,600 168,000 480,000 (33,600) 163,200 (24,000) $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 $103,200 0 240,000 552,000 448,800 $1,344,000 $96,000 24,000 360,000 144,000 278,400 $902,400 $7,200 Increase 24,000 Decrease 120,000 Decrease 408,000 Increase 170,400 Increase Kingbird, Inc. Income Statement For the Year Ended December 31, 2022 Sales revenue $2,258,400 Cost of goods sold $1,140,000 Operating expenses 554,400 Interest expense 28,800 Loss on disposal of equipment 4,800 1,728,000 Income before income taxes 530,400 Income tax expense 156,000 Net income $374,400 3. Additional information: 1. Operating expenses include depreciation expense of $96,000. 2. 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 value of $86,400 was sold for $81,600 cash. 5. Bonds of $120,000 were redeemed at their face value for cash. 6. Common stock ($1 par) of $408,000 was issued for cash. 4. Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signe.g.-15,000 or in parenthesis eg. (15,000).) Kingbird, Inc. Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income $ Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ Increase in Inventory > Increase in Accounts Payable Increase in Accounts Receivable > Cash at Beginning of Period