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Exercise 12-10 Shown below are comparative balance sheets for Mitch Company. Mitch Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 68,000 Accounts receivable 88,000 Inventory 167,000 Land 80,000 Equipment 260,000 Accumulated depreciation-equipment (66,000) Total $597,000 Liabilities and Stockholders' Equity Accounts payable $ 39,000 Bonds payable 150,000 Common stock ($1 par) 216,000 Retained earnings 192,000 Total $597,000 2021 $ 22,000 76,000 189,000 100,000 200,000 (32,000) $555,000 $ 43,000 200,000 174,000 138,000 $555,000 Additional information: 1. Net income for 2022 was $93,000. 2. Depreciation expense was $34,000. 3. Cash dividends of $39,000 were declared and paid. 4. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 5. Common stock was issued for $42,000 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. 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)). Mitch Company Statement of Cash Flows Choose the accounting period Select an opening name for section one Select an item $Enter a dollar amount Adjustments to reconcile net income to Select an opening name for subsection Select an item $Enter a dollar amount Select an item Enter a dollar amount Select an item Enter a dollar amount Select an item Enter a dollar amount Enter a total amount for this subsection Enter a total amount for section Select a closing name for section one one Select an opening name for section two Select an item Enter a dollar amount Select an item Enter a dollar amount Select a closing name for section Enter a total amount for section two two Select an opening name for section three Select an item Enter a dollar amount Select an item Enter a dollar amount Select an item Enter a dollar amount Select a closing name for section three Enter a total amount for section three Select an item Enter a total amount for three sections Enter a dollar amount Select an item Select a closing name for this statement $Enter a total of the two previous amounts