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Coronado Industries 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 Coronado Industries for 2022 and 2021 are provided below. BALANCE SHEETS Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $608000 (319000 12/31/22 $409000 358000 383000 289000 $1439000 $ 176000 351000 361000 224000 327000 $1439000 $8390000 7150000 1240000 792000 448000 72000 376000 94000 $ 282000 $958000 (303000 12/31/21 $ 192000 216000 482000 655000 $1545000 $ 97000 392000 601000 217000 238000 $1545000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before taxes Income taxes Net income The following additional data were provided: $602000 190000 1. 2. 3. Dividends for the year 2022 were $193000. During the year, equipment was sold for $241000. This equipment cost $354000 originally and had a book value of $289000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. All depreciation expense is in the selling expense category. Under the direct method, the total taxes paid is O $94000. O $135000. O $41000. 0$58000. SUPPORT