Presented here are the financial statements of Blossom Company. Blossom Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,900 $20,000 Accounts receivable 32,700 18,300 Inventory 29,100 20,000 Property, plant, and equipment 59,600 78,000 Accumulated depreciation (29,700) (23,000) Total $128,600 $113,300 Liabilities and Stockholders' Equity Accounts payable $28,400 $16,700 Income taxes payable 7,200 8,200 Bonds payable 26,200 32,700 Common stock 17,200 13,900 Retained earnings 49,600 41,800 Total $128,600 $113,300 Blossom Company Income Statement For the Year Ended December 31, 2022 Sales revenue $241,500 Cost of goods sold 176,500 Gross profit 65,000 Selling expenses $17,550 Administrative expenses 5,850 23,400 Income from operations 41,600 Interest expense 3,400 Income before income taxes 38,200 Income tax expense 7,640 Net income $30,560 Additional data: 1. 2. 3. Depreciation expense was $16,300. Dividends declared and paid were $22,760. During the year equipment was sold for $8,800 cash. This equipment cost $18,400 originally and had accumulated depreciation of $9,600 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 eg. -15,000 or in parenthesis eg. (15,000).) Adjustments to reconcile net income to Blossom Company Statement of Cash Flows eTextbook and Media Save for Later Attempts: 0 of 3 used Submit