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Shown below are comparative balance sheets for Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets 2022 2021 Cash Accounts receivable $ 54,400 70,400 133,600 64,000 208,000 (52,800) $477,600 $ 17,600 60,800 151,200 80,000 160,000 (25,600) $444,000 Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 31,200 120,000 172,800 153,600 $477,600 $ 34,400 160,000 139,200 110,400 $444,000 Additional information: 1. 2. 3. 4. Net income for 2022 was $74,400. Depreciation expense was $27,200. Cash dividends of $31,200 were declared and paid. Bonds payable amounting to $40,000 were redeemed for cash $40,000. Common stock was issued for $33,600 cash. No equipment was sold during 2022. Land was sold for its book value. 5. 6. 7. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -45,000, or in parenthesis e.g. (45,000)). Waterway Industries Statement of Cash Flows December 31, 2022 Cash Flows from Operating Activities Net Income 74,400 A A Adjustments to reconcile net income to Net Cash used by Operating Activities Depreciation Expense $ 27,200 Increase in Accounts Receivable V -9600 Decrease in Inventory 17600 Decrease in Accounts Payable -3200 32000 Net Cash Provided by Operating Activities v 106400 Cash Flows from Investing Activities Sale of Land 16000 Purchase of Equipment -20800 Net Cash used by Investing Activities -4.800 Cash Flows from Financing Activities Issuance of Common Stock 33600 Redemption of Bonds -40000 Payment of Cash Dividends -31200 Net Cash used by Financing Activities -37600 Net Increase in Cash 64000 Cash at Beginning of Period -9600 Cash at End of Period $ 54400