Metlock, Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $115,800 $48,500 Accountsveceivable 91,200 33,000 Inventory 111,900 102,400 Prepaid expenses 29,600 25,500 Long-term investments 139,000 114,700 Plant assets 275,100 242,400 Accumulated depreciation (47,500) (52,100) Total $715,100 $514,400 Liabilities and Stockholders' Equity Accounts payable $111,700 $67,400 Accrued expenses payable 16,100 17,400 2 OT 3 Liabilities and Stockholders' Equity Accounts payable $111,700 $67,400 Accrued expenses payable 16,100 17,400 Bonds payable 116,800 149,400 Common stock 219,400 176,000 Retained earnings 251,100 104,200 Total $715,100 $514,400 Metlock, Inc. Income Statement For the Year Ended December 31, 2022 Sales revenue $392,500 Less: Cost of goods sold $135,600 Operating expenses, excluding depreciation 11,000 Depreciation expense 32,100 Income tax expense 26,900 Question 2 of 3 16.25 / 25 III Operating expenses, excluding depreciation 11,000 Depreciation expense 32,100 Income tax expense 26,900 Interest expense 4,600 Loss on disposal of plant assets 7,500 217,700 Net incorre $174,800 Additional information: 1. New plant assets costing $79,500 were purchased for cash during the year. 2. Old plant assets having an original cost of $46,800 and accumulated depreciation of $36,700 were sold for $2,600 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $27,900 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Metlock, Inc. using the direct method. (Show amounts that decrease cash flow with either a-sign e.g. - 15,000 or in parenthesis e.g. (15,000).) Metlock, Inc. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Cash Receipts from Customers tA $ 450700 Less cash payments: To Suppliers A 135600 For Operating Expenses 11000 For Income Taxes 26900 4600 For Interest Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets Purchase of Investments 79500 Sale of Plant Assets 2600 Net Cash Used by Investing Activities Cash Flows from Financing Activities Sale of Common Stock 219400 Payment of Cash Dividends -27900 Redemption of Bonds -116800 Net Cash Used by Investing Activities Cash Flows from Financing Activities Sale of Common Stock 219400 Payment of Cash Dividends -27900 Redemption of Bonds -116800 Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period $