LILY CORPORATION Comparative Balance Sheets December 31 2022 2021 Cash $14,800 $10,400 Accounts receivable 20,700 23,100 Land 20,500 26,200 Buildings 69,600 69,600 Accumulated depreciation-buildings (14,800) (10,800) Total $110,800 $118,500 Accounts payable $12,800 $27,900 Common stock 74,000 71,400 Retained earnings 24,000 19,200 Total $110,800 $118,500 Additional information: 1. Net income was $22,200. Dividends declared and paid were $17,400. 2. No noncash investing and financing activities occurred during 2022. 3. The land was sold for cash of $4,600. Prepare a statement of cash flows for 2022 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).) LILY CORPORATION 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 Decrease in Accounts Receivable Decrease in Accounts Payable Loss on Disposal of Plant Assets Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land +A 4000 2400 -15100 +A 22200 Rectangular Snip Net Cash Provided by Investing Activities Cash Flows from Financing Activities Issuance of Common Stock Payment of Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period +A $ 2600 -17400 +A -14800 Rectangular Snip 14800