Presented below are the financial statements of Sheridan Company.

Sheridan Company Comparative Balance Sheets December 31
Assets		2022			2021
Cash		$ 52,500			$ 30,000
Accounts receivable		30,000			21,000
Inventory		42,000			30,000
Property, plant, and equipment		90,000			117,000
Accumulated depreciation		(48,000	)		(36,000	)
Total		$166,500			$162,000
Liabilities and Stockholders Equity
Accounts payable		$ 28,500			$ 22,500
Income taxes payable		10,500			12,000
Bonds payable		25,500			49,500
Common stock		27,000			21,000
Retained earnings		75,000			57,000
Total		$166,500			$162,000

Sheridan Company Income Statement For the Year Ended December 31, 2022
Sales revenue				$363,000
Cost of goods sold				262,500
Gross profit				100,500
Selling expenses		$27,000
Administrative expenses		9,000		36,000
Income from operations				64,500
Interest expense				4,500
Income before income taxes				60,000
Income tax expense				12,000
Net income				$ 48,000

Additional data:

1.		Depreciation expense was $26,250.
2.		Dividends declared and paid were $30,000.
3.		During the year equipment was sold for $12,750 cash. This equipment cost $27,000 originally and had accumulated depreciation of $14,250 at the time of sale.

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 pare. (15,000).) Sheridan Company Statement of Cash Flows Adjustments to reconcile net income to