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Condensed financial data of Sheridan Company follow. Sheridan Company Comparative Balance Sheets December 31 Assets 2022 2021 $ 48,480 Cash $29,040 Accounts receivable 52,680 22,800 Inventory 67,500 61,710 Prepaid expenses 17,040 15,600 Long-term investments 82,800 65,400 Plant assets 171,000 145,500 Accumulated depreciation (30,000) (31,200) Total $409,500 $308,850 Liabilities and Stockholders' Equity Accounts payable $61,200 $ 40,380 Accrued expenses payable 9,900 12,600 Bonds payable 66,000 87,600 Common stock 132,000 105,000 Retained earnings 140,400 63,270 Total $409,500 $308,850 Sheridan Company Income Statement Data For the Year Ended December 31, 2022 Sales revenue $233,076 Less: Cost of goods sold $81,276 Operating expenses, excluding depreciation 7,446 Depreciation expense 27,900 Income tax expense 16,368 Interest expense 2,838 Loss on disposal of plant assets 140,328 4,500 $ 92,748 Net income Additional information: 1. New plant assets costing $60,000 were purchased for cash during the year. Old plant assets having an original cost of $34,500 and accumulated depreciation of $29,100 were sold for $900 cash. 2. Bonds payable matured and were paid off at face value for cash. 3. 4. Acash dividend of $15,618 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-s (15,000).) Sheridan Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 92,748 Adjustments to reconcile net income to Net Cash Provided by Operating Activities + Depreciation Expense 27,900 Decrease in Accounts Receivable Decrease in Inventory Decrease in Prepaid Expenses Loss on Disposal of Plant Assets Increase in Accounts Payable Decrease in Accrued Expenses Payable : Net Carh Dvoide OperalienActivities %24 %24 Increase in Accounts Payable Decrease in Accrued Expenses Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets Sale of Plant Assets Purchase of Investments Cash Flows from Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Redemption of Bonds Sale of Common Stock Net Cash used by Financing Activities Cash Flows from Financing Activities Payment of Cash Dividends Redemption of Bonds Sale of Common Stock Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period %24