Novak Corp. reported the following information for 2022. Novak Corp. Comparative Balance Sheets December 31 2021 $115,200 70,400 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals 2022 $188,800 198,400 140,800 19,200 176,000 640,000 (67,200 ) 585,600 (89,600 ) $1,792,000 12,800 224,000 640,000 (44,800 ) 217,600 (32,000) $1,203,200 Change Increase/Decrease $73,600 Increase 128,000 Increase 140,800 Increase 6,400 Increase 48,000 Decrease -0- 22,400 Increase 368,000 Increase 57,600 Increase $137,600 320,000 736,000 598,400 $1,792,000 $128,000 32,000 480,000 192,000 371,200 $1,203,200 $9,600 Increase 32,000 Decrease 160,000 Decrease 544,000 Increase 227,200 Increase Novak Corp. Income Statement For the Year Ended December 31, 2022 Sales revenue $3,011,200 $1,520,000 Operating expenses 739,200 Interest expense 38,400 Loss on disposal of equipment 6,400 2,304,000 Income before income taxes 707,200 Income tax expense 208,000 Net income $499,200 Additional information: 1. Operating expenses include depreciation expense of $128,000. 2. Land was sold at its book value for cash. 3. Cash dividends of $272,000 were declared and paid in 2022. 4. Equipment with a cost of $531,200 was purchased for cash. Equipment with a cost of $163,200 and a book value of $115,200 was sold for $108,800 cash. 5. Bonds of $160,000 were redeemed at their face value for cash. 6. Common stock ($1 par) of $544,000 was issued for cash. 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).) Novak Corp. 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 Increase in Inventory Decrease in Prepaid Expenses Increase in Accounts Payable Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land Purchase of Equipment Sale of Equipment Net Cash used by Investing Activities