Lily Corporation's comparative balance sheets are presented below. Accounts payable Common stock Retained earnings Total 1. Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total Additional information: LILY CORPORATION Comparative Balance Sheets December 31 2022 $14,800 20,700 20,500 69,600 (14,800) $110,800 $12,800 74,000 24,000 $110,800 2021 $10,400 23,100 26,200 69,600 (10,800) $118,500 $27,900 71,400 19,200 $118,500 Net income was $22,200. Dividends declared and paid were $17,400. Additional information: 1. 2. 3. (a) Net income was $22.200. Dividends declared and paid were $17,400. No noncash investing and financing activities occurred during 2022. The land was sold for cash of $4,600. Your Answer Correct Answer - Your answer is partially correct. 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 eg. (15,000)) LILY CORPORATION Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 22200 !! Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to LILY CORPORATION Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2022 Net Cash Provided by Operating Activities Depreciation Expense Decrease in Accounts Receivable v Decrease in Accounts Payable Loss on Disposal of Plant Assets v Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land 4000 2400 -15100 1100 4600 to 22200 -7600 14600 Question 4 of 41 < C D eTextbook and Media Solution D M 4400 2400 1400 -14800 4400 10400 LEXRXY 14800 145 Attempts 3 of 3 (b) Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) Free cash flow eTextbook and Media