Lily Corporation's comparative balance sheets are presented below. LILY CORPORATION Comparative Balance Sheets December 31 2022 2021 Cash $14,800 $10,400 Accounts receivable 20,700 23,100 Land 20,500 Buildings 26,200 69,600 Accumulated depreciation--buildings 69,600 (14,800) Total $110,800 (10,800) $118,500 Accounts payable Common stock $12,800 $27,900 74,000 Retained earnings 71,400 24,000 Total 19,200 $110,800 $118,500 Additional information: 1 Net income was $22,200. Dividends declared and paid were $17.400. 4.56 30 HE Additional information 1. Netincome was $22.200. Dividends declared and paid were $17.400. 2 No noncash investing and financing activities occurred during 2022. The land was sold for cash of $4,600, 3 (a) 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 ez, -15.000, or in parenthesis es (15,0001) LILY CORPORATION Statement of Cash Flows - Indirect Method For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 22200 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 22200 Net Cash Provided by Operating Activities Depreciation Expense $ 4000 Decrease in Accounts Receivable 2400 Decrease in Accounts Payable -15100 Loss on Disposal of Plant Assets 1100 Net Cash Provided by Operating Activities -7600 14600 Cash Flows from Investing Activities Sale of Land 4600 1 Question of 14 100 200 400 104 Book Sel (b) Compute free cash flow, (Enter negative amount using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) Free cash flow $ e Textbook and Media