Old plant assets having an original cost of $$55,800$ and accumulated depreciation of $$49,800$ were sold for $$1,200$ cash.SHERIDAN INC.

Income Statement

For the Year Ended December $31,2022$

Sales revenue

$$380,100$

Less:

Additional information:

New plant assets costing $$99,500$ were purchased for cash during the year.

Bonds payable matured and were paid off at face value for cash.

A cash dividend of $$31,300$ was declared and paid during the year.

Common stock was issued at par for cash.

There were no significant noncash transactions.

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$.(15,000).)$

SHERIDAN INC.

Statement of Cash Flows

Adjustments to reconcile net income to