P12.9A (LO 2), AP Condensed financial data of Granger Inc. follow. Assets Granger Inc. Comparative Balance Sheets December 31 2022 2021 Cash Accounts receivable Inventory $ 80,800 $ 48,400 87,800 38,000 112,500 102,850 Prepaid expenses Long-term investments Plant assets 28,400 26,000 138,000 109,000 285,000 242,500 Accumulated depreciation (50,000) (52,000) Total $ 682,500 $514.750 Liabilities and Stockholders' Equity Accounts payable $ 102,000 $ 67,300 Accrued expenses payable Bonds payable Common stock 16,500 110,000 220,000 21,000 146,000 175,000 Retained earnings 234,000 105,450 Total $ 682,500 $ 514,750 Granger Inc. Income Statement Data For the Year Ended December 31, 2022 Sales revenue $388,460 Less: Cost of goods sold $135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income tax expense 27,280 Interest expense 4:730 Loss on disposal of plant assets 7,500 233,880 Net income $ 154,580 Additional information: 1. New plant assets costing $100,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $26,030 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions. Instructions Prepare a statement of cash flows using the indirect method. Net cash provided-oper. act. $176,930 Prepare a statement of cash flows-direct method.