Prepare a complete statement of cash flows-(Indirect method) The comparative balance sheets and income statements for Gypsy Company follow. Balance Sheets As of December 31 Assets 2021 2020 Cash $23,979 $2,692 Accounts receivable 2,277 1,366 Inventory 6,476 6,071 Equipment 19,236 44,136 Accumulated depreciation- (7,038) (17,427) equipment Land 19,502 10,842 Total assets $ 64,432 $ 47,680 Liabilities and equity Accounts payable (inventory) $2,712 $ 4,381 Long-term debt 2,819 6,443 Common stock 25,400 12,000 Retained earnings 33,501 24,856 Total liabilities and equity $64,432 $47,680 Income Statement For the Year Ended December 31, 2021 Sales revenue $33,110 Cost of goods sold (13,123) Gross margin 19,987 Depreciation expense (3,307 ) Operating income 16,680 Gain on sale of 650 equipment Loss on disposal of land (40 ) Net income $17,290 Additional Data During 2021, the company sold equipment for $18,354; it had originally cost 1. $31,400. Accumulated depreciation on this equipment was $13,696 at the time of the sale. Also, the company purchased equipment for $6,500 cash. The company sold land that had cost $4,740. This land was sold for $4,700, resulting 2. in the recognition of a $40 loss. Also, common stock was issued in exchange for title to land that was valued at $13,400 at the time of exchange. 3. Paid dividends of $8,645