Prepare statement of cash flows using the indirect method. The income statement for 2021 and the balance sheets for 2021 and 2020 are presented for Gibson Industries, Inc. (Click the icon to view the income statement.) Click the icon to view the balance sheets.) (Click the icon to view additional information) Requirement Prepare a statement of cash flows for Gibson Industries, Inc., for the year ended December 31, 2021, using the Indirect method. Additional information Additional information follows: a. Sold plant asset for $3,900. The original cost of this plant asset was $10,100 and it had $8,200 of accumulated depreciation associated with it b. Paid $5,000 on the bonds payable issued $45,000 of new bonds payable c. Declared and paid cash dividends of $27.100 d. Purchased new investment for $17,000. Paid cash. .. Purchased now equipment for $40,100. Paid cash. Print Done Income Statement X ein tel ma B SO 2. 3 s C ar A 1 Gibson Industries, Inc. 2 Income Statement 3 For the Year Ended December 31, 2021 4 Sales revenues $ 959,000 5 Less: Cost of goods sold 386,000 6 Gross profit $ 573,000 7 Less operating expenses: Salaries and wages expense $ 187,000 9 Insurance expense 11,000 10 Depreciation expense 46,200 11 Other operating expenses 89,000 Total operatin aynonces 333 2001 ca 8 9 12 Income Statement ein tel 0 TOTUUU ma 9 11,000 SO 46,200 89,000 s 333,200 $ 239,800 ar Saranes anu wages expense Insurance expense 10 Depreciation expense 11 Other operating expenses 12 Total operating expenses 13 Operating income 14 Plus other income and less other expenses: 15 Interest expense 16 Gain on sale of PP&E 17 Total other income and expenses 18 Income before income taxes 19 Less: Income tax expense 20 Net income $ 5,200 2,000 ca 3,200 $ 236,600 70,980 $ 165,620 i Balance Sheets A B N 3 4 2020 1 Gibson Industries, Inc. Comparative Balance Sheets December 31, 2021 and 2020 4 Assets 2021 5 Current assets: 6 Cash $ 471,000 $ 7 Accounts receivable 75,000 8 Inventory 330,000 9 Prepaid insurance 6,000 10 Total current assets $ 882,000 $ 291,000 130,000 218,000 5,000 644,000 11 12 Property plant and equinment 600.000 570.000 i Balance Sheets 11 12 Property, plant, and equipment 13 Less: Accumulated depreciation 14 Investments 15 Total assets $ 600,000 $ 570,000 (152,000) (114,000) 89,000 72,000 $ 1,419,000 $ 1,172,000 16 $ 40,000 17 Liabilities 18 Current liabilities: 19 Accounts payable inventory purchases) 20 Wages payable 21 Interest payable 22 Income taxes payable 23 Other accrued expenses payable 56,000 $ 16,000 17,100 600 1,400 61,980 6,300 12,000 3,500 i Balance Sheets X 61,980 12,000 zz income raxes payable 23 Other accrued expenses payable 24 Total current liablities 6,300 3,500 $ 141,680 $ 73,200 25 60,000 20,000 26 Long-term liabilities 27 Total liabilities $ 201,680$ 93,200 28 29 Stockholders' equity 30 Common stock 31 Retained earnings 32 Total stockholders' equity 33 $ 605,000 $ 605,000 612,320 473,800 $ 1,217,320 $ 1,078,800 34 Total liabilities and equity $ 1,419,000 $ 1,172,000 Prepare the statement on action wa time (Use partes de torrentes de subtracted and for net cash out) son de Statement of Cans (direct Method For the Year Ended December 31,2021 Operating Activities: Ants to reconcione income to con Nach provided by Net cash provided by (used for) investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year Investing Activities: Net cash provided by (used for) investing activities Financing Activities: Net cash provided by (used for) financing activities