Pete Kent and Maria Robles are examining the following statement of cash flows for Bridgeport Corp. for the year ended January 31, 2022. Bridgeport Corp. Statement of Cash Flows For the Year Ended January 31, 2022 Sources of cash From sales of merchandise $383,930 From sale of capital stock 404.800 From sale of investment (purchased below) From depreciation 79,840 55,140 20.080 6,057 From issuance of note for truck From interest on investments 949,847 319,650 257,862 Total sources of cash Uses of cash For purchase of fixtures and equipment For merchandise purchased for resale For operating expenses (including depreciation) For purchase of investment For purchase of truck by issuance of note For purchase of treasury stock 170.530 75,520 20.080 10.050 For interest on note payable 2,988 Total uses of cash 856,680 $93,167 Net increase in cash Pete claims that Bridgeport Corp's statement of cash flows is an excellent portrayal of a superb first year with cash increasing $93,167. Maria replies that it was not a superb first year. Rather, she says, the year was an operating failure, that the statement is presented incorrectly, and that $93.167 is not the actual increase in cash. The cash balance at the beginning of the year was $140,490. (a) Using the data provided, prepare a statement of cash flows in proper form using the indirect method. The only noncash items in the income statement are depreciation and the gain from the sale of the investment. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) Bridgeport Corp. Statement of Cash Flows For the Year Ended January 31, 2022 Cash Flows from Operating Activities Net Loss Adjustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense | Gain from Disposal of Investment Cash Flows from Investing Activities Cash Flows from Financing Activities Sale of Capital Stock Purchase of Treasury Stock Loss on Disposal of Investment Cash Flows from Financing Activities Net Increase in Cash Cash at Beginning of Period Net Profit Pete Kent and Maria Robles are examining the following statement of cash flows for Bridgeport Corp. for the year ended January 31, 2022. Bridgeport Corp. Statement of Cash Flows For the Year Ended January 31, 2022 Sources of cash From sales of merchandise $383,930 From sale of capital stock 404.800 From sale of investment (purchased below) From depreciation 79,840 55,140 20.080 6,057 From issuance of note for truck From interest on investments 949,847 319,650 257,862 Total sources of cash Uses of cash For purchase of fixtures and equipment For merchandise purchased for resale For operating expenses (including depreciation) For purchase of investment For purchase of truck by issuance of note For purchase of treasury stock 170.530 75,520 20.080 10.050 For interest on note payable 2,988 Total uses of cash 856,680 $93,167 Net increase in cash Pete claims that Bridgeport Corp's statement of cash flows is an excellent portrayal of a superb first year with cash increasing $93,167. Maria replies that it was not a superb first year. Rather, she says, the year was an operating failure, that the statement is presented incorrectly, and that $93.167 is not the actual increase in cash. The cash balance at the beginning of the year was $140,490. (a) Using the data provided, prepare a statement of cash flows in proper form using the indirect method. The only noncash items in the income statement are depreciation and the gain from the sale of the investment. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) Bridgeport Corp. Statement of Cash Flows For the Year Ended January 31, 2022 Cash Flows from Operating Activities Net Loss Adjustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense | Gain from Disposal of Investment Cash Flows from Investing Activities Cash Flows from Financing Activities Sale of Capital Stock Purchase of Treasury Stock Loss on Disposal of Investment Cash Flows from Financing Activities Net Increase in Cash Cash at Beginning of Period Net Profit