Presented below are the financial statements of Metlock Company. Metlock Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash Accounts receivable Inventory $ 66,500 38.000 53.200 114,000 (60.800) $210,900 $38,000 26,600 38,000 148,200 45,600) $205,200 Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable $36,100 $28,500 Income taxes payable 13,300 15,200 Bonds payable Common stock Retained earnings Total 32,300 34,200 95.000 62,700 26,600 72,200 $210,900 $205,200 Metlock Company Income Statement For the Year Ended December 31, 2022 Sales revenue $459.800 Cost of goods sold 332.500 Gross profit 127,300 Selling expenses $34,200 Administrative expenses 11,400 45.600 Income from operations 81.700 Interest expense 5.700 Income before income taxes Income tax expense 76.000 15.200 $ 60,800 Net income Additional data: 1 Depreciation expense was $33.250. 2 Dividends declared and paid were $38,000. 3. During the year equipment was sold for $16,150 cash. This equipment cost $34,200 originally and had accumulated depreciation of $18,050 at the time of sale. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - signes. -15.000 or in parenthesis e. (15.000)) Metlock Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 60800 Adjustments to reconcile net income to Cash Flows from Operating Activities Issuance of Common Stock 5700 Depreciation Expense C 332501 Increase in Accounts Receivable 11400 Increase in Inventory - 15200 Increase in Accounts Payable 7600 -1900 Net Cash used by Operating Activities : 78850 Cash Flows from Investing Activities Sale of Equipment 16150 16150 Cash Flows from Operating Activities Payment of Dividends -38000 Increase in Income Taxes Payable -30400 Payment of Dividends C -5700 Net Cash Provided by Financing Activities -30400 Net Increase in Cash 28500 Net Decrease in Cash 38000 Net Cash used by Investing Activities 66500 eTextbook and Media Attempts: 1 of 3 used