Presented here are the financial statements of Kingbird Company. Kingbird Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total 2022 $37,500 33,000 30,700 59,700 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,100 7,200 27,800 19,000 48,900$131,000 2021 $19,100 20,000 20,200 77,100 $113,300(23,100) $17,000 8,300 33,000 14,800 40,200 40,200 Additional data: 1. Depreciation expense was $17,400. 2. Dividends declared and paid were $20,980. 3. During the year equipment was sold for $6,800cash. This equipment cost $17,400 originally and had accumulated depreciation of $10,600 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. Kingbird Company Statement of Cash Flows - Indirect Method For the Vear Inded December 21. 2022. Cash Flowi frem Operatir Net income 5 37+30 Adjustenents te reconcile net income to Ch 12: Hormework 11 of 12 0.16/1 Redemption of Bonds