prepare a Statement of Cash Flows for the Year Ended December 31, 2022. The Net Income is not included in the Problem. Net Income should be: $7,147,605. All of the other items needed from the Income Statement are included in the problem, except for net income.

Chapter 13 Revised Extra Credit Problem Fall 2023 \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ Happiness, Ine. } \\ \hline \multicolumn{3}{|c|}{ Financial Statement Problem } \\ \hline \multicolumn{3}{|c|}{ December 31,2022 and 2021} \\ \hline & Dee 31. 2022 & Dec 31, 2021 \\ \hline Note Payable & 2700000 & 3000000 \\ \hline Equipment & 4280000 & 3000000 \\ \hline Unilities expense & 320000 & \\ \hline Merchandise Inventory & 6,000,000 & 6529,000 \\ \hline Sales. & 10,175,210 & \\ \hline Paid in Capital & 589200 & 425000 \\ \hline Accumulated Oepreciation, Machine & (1,515,600) & (1,200000) \\ \hline Insurance expense & 295,000 & \\ \hline Cash & 3,522,80 & 3,316,110 \\ \hline Depreciation expense, Equipment & 400,105 & \\ \hline Accounts Payable & 4,00600 & 4890000 \\ \hline Leng-Term lnvestments & & 2610,790 \\ \hline Salaries expense & 1,00,000 & \\ \hline \multicolumn{3}{|l|}{ Cost of Goods Sold } \\ \hline Salaries Payable & 2210700 & 2300,700 \\ \hline Depreciation expense, Machine & 35600 & \\ \hline Office Supplies & 525000 & 80,000 \\ \hline Machine & 2200000 & 1,980,000 \\ \hline Advertising expense & 2200000 & \\ \hline Common Stock & 5,325,000 & 4000000 \\ \hline Land & 8,000,000 & -4 \\ \hline Supplies expense & 80,000 & \\ \hline Accumulated Depreciation, Equipment & (1,700,105) & (1,300,000) \\ \hline Gain on sale of Equipment & 65.210 & \\ \hline Unearned Revenue & 504000 & - \\ \hline Lors on Sale of Investments & (110.790) & \\ \hline Prepaid Insurance & 1500000 & 890000 \\ \hline Accounts Receivable & 3560,000 & 2105,000 \\ \hline Dividends Payable & 550000 & 625200 \\ \hline Retained Earnings & 10,372605 & 3500000 \\ \hline \multicolumn{3}{|l|}{ Additional Information for the Cash Flow Statement: } \\ \hline \multicolumn{3}{|l|}{ 1) Cash received from the sale of investments was $2,500,000} \\ \hline \multicolumn{3}{|l|}{ 2) Cash used to purchase new equipment was $3,145,210} \\ \hline \multicolumn{3}{|l|}{ 3) Cash used to purchase new machine was $220,000} \\ \hline \multicolumn{3}{|l|}{ 4) Cash received from the sale of equipment was $1,930,420} \\ \hline \multicolumn{3}{|l|}{ 5) Cash used to purchase land was $8,000,000} \\ \hline \multicolumn{3}{|l|}{ 6) Dividends declared were $275,000} \\ \hline 7) Cash used to pay down note payable was $300,000 & & \\ \hline 8) The companu issued additional shares of common stoek. & & \\ \hline \end{tabular}