Oriole Company has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Oriole Company for 2022 and 2021 are provided below. BALANCE SHEETS 12/31/22 Cash $407000 Accounts receivable 359000 Inventory 383000 Property, plant and equipment $609000 Less accumulated depreciation (319000) 290000 $1439000 12/31/21 $ 193000 214000 480000 $960000 (306000) 654000 $1541000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 177000 353000 362000 228250 318750 $1439000 $ 98000 391000 600000 216000 236000 $1541000 $8390000 7152000 1238000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue Cost of sales Gross profit Selling expenses $602000 Administrative expenses 194000 Income from operations Interest expense Income before taxes 796000 442000 73000 369000 73000 merest experise Income before taxes Income taxes Net income 369000 92250 $ 276750 the following additional data were provided: 1. Dividends for the year 2022 were $194000. 2. During the year, equipment was sold for $240000. This equipment cost $354000 originally and had a book value of $290000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. The net cash provided (used) by investing activities is $240000 $(290000). $(354000). $50000