Problem 12-07A (Part Level Submission) Presented below are the financial statements of Sunland Company. Sunland Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 56,000 Accounts receivable 32,000 Inventory 44,800 Property, plant, and equipment 96,000 Accumulated depreciation (51,200 ) Total $177,600 2021 $32,000 22,400 32,000 124,800 (38,400 ) $172,800 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 30,400 11,200 27,200 28,800 80,000 $177,600 $ 24,000 12,800 52,800 22,400 60,800 $172,800 $387,200 280,000 107,200 Sunland Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses $28,800 Administrative expenses 9,600 Income from operations Interest expense Income before income taxes Income tax expense 38,400 68,800 4,800 64,000 12,800 Additional data: 1. Depreciation expense was $28,000. 2. Dividends declared and paid were $32,000. 3. During the year equipment was sold for $13,600 cash. This equipment cost $28,800 originally and had accumulated depreciation of $15,200 at the time of sale. (a) 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 parenthesis e.g. (15,000).) Sunland Company Statement of Cash Flows Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO VIDEO By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 0 of 3 used