Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Vaughn Manufacturing Statement of Cash Flows Adjustments to reconcile net income to $ Vaughn Manufacturing Income Statement For the Year Ended December 31, 2022 Sales revenue $508,200 Cost of goods sold 367,500 Gross profit 140,700 Selling expenses $37,800 Administrative expenses 12,600 50,400 Income from operations 90,300 Interest expense 6,300 Income before income taxes 84,000 Income tax expense 16,800 Net income $67,200 Additional data: 1. Depreciation expense was $36,750. 2. Dividends declared and paid were $42,000. 3. During the year equipment was sold for $17,850 cash. This equipment cost $37,800 originally and had accumulated depreciation of $19,950 at the time of sale. Vaughn Manufacturing Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,500 $ 42,000 Accounts receivable 42,000 29,400 Inventory 58,800 42,000 Property, plant, and equipment 126,000 163,800 Accumulated depreciation (67,200) (50,400 ) Total $233,100 $226,800 Liabilities and Stockholders' Equity Accounts payable $ 39,900 $31,500 Income taxes payable 14,700 16,800 Bonds payable 35,700 69,300 Common stock 37,800 29,400 Retained earnings 105,000 79,800 Total $233.100 $226.800 4 F