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Blossom Company reported the following information for 2022. Blossom Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals 2022 $165.200 173,600 123,200 16,800 154,000 560,000 (58,800) 512,400 (78,400) $1,568,000 2021 $100,800 61,600 -0- 11.200 196.000 560,000 (39.200) 190,400 Change Increase/Decrease $1,052,800 $64,400 Increase 112,000 Increase 123.200 Increase 5.600 Increase 42,000 Decrease -0- 19,600 Increase 322,000 Increase (28,000) 50,400 Increase -/1 E 111 *** Question 1 of 1 > Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals. $120,400 0 280,000 644,000 523,600 $1,568,000 $112,000 28,000 420,000 168,000 324.800 $1.052,800 $8,400 Increase 28,000 Decrease 140,000 Decrease 476,000 Increase 198,800 Increase Blossom Company Income Statement 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 $1,330,000 646,800 33,600 5,600 $2,634,800 2,016,000 618,800 182,000 $436,800 Additional information: 2 1. Operating expenses include depreciation expense of $112,000. Land was sold at its book value for cash. Cash dividends of $238,000 were declared and paid in 2022. Equipment with a cost of $464,800 was purchased for cash. Equipment with a cost of $142,800 and a book value of $100,800 was sold for $95,200 cash. Bonds of $140,000 were redeemed at their face value for cash. Common stock ($1 par) of $476,000 was issued for cash. 3. 4. 01 1 5. 6. -/1 EI 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).) 3 Question 1 of 1 > Blossom Company Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to $ -/1 E *** # # -/1 1 AVIETUI : # : -/1 Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Decrease in Prepaid Expenses Depreciation Expense Gain on Disposal of Equipment Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Increase in Prepaid Expenses Loss on Disposal of Equipment Net Income Payment of Dividends Purchase of Equipment Redemption of Bonds Sale of Common Stock Sale of Equipment Sale of Land