Presented here are the financial statements of Coronado Company. 2021 $ 21.000 CORONADO COMPANY Comparative Balance Sheets December 31 Assets 2022 Cash $ 36,000 Accounts receivable 32,700 Inventory 30.100 Property.plant, and equipment 59,600 Accumulated depreciation (29.400) Total $ 129.000 18.900 20.100 77.600 (23,300) $ 114.300 $ 28,000 $ 16,800 7,200 8,400 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 26,700 32.100 17,700 13.400 49,400 43,600 Total $ 129,000 $ 114,300 CORONADO COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $ 242,500 Cost of goods sold 175.200 Gross profit 67,300 Selling expenses $ 18,675 Administrative expenses 24.900 Income from operations 42,400 Interest expense 2.700 Income before income taxes 39.700 6.225 Income tax expense 7.940 Net income $31.760 Additional data: 1. 2. 3. Depreciation expense was $17.500. Dividends declared and paid were $ 25,960. During the year, equipment was sold for $6.600 cash. This equipment originally cost $ 18,000 and had accumulated depreciation of $11.400 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 4. 5. 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).) CORONADO COMPANY Statement of Cash Flows 5 Adjustments to reconcile net income to >