Problem 12-07A (Part Level Submission) Presented below are the financial statements of Coronado Industries. Coronado Industries Comparative Balance Sheets December 31 Assets 2022 Cash $ 49,000 Accounts receivable 28,000 Inventory 39,200 Property, plant, and equipment 84,000 Accumulated depreciation (44,800 ) Total $155,400 2021 $ 28,000 19,600 28,000 109,200 (33,600 ) $151,200 $ 21,000 11,200 46,200 19,600 53,200 $151,200 Liabilities and Stockholders' Equity Accounts payable $ 26,600 Income taxes payable 9,800 Bonds payable 23,800 Common stock 25,200 Retained earnings 70,000 Total $155,400 Coronado Industries Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses $25,200 Administrative expenses 8,400 Income from operations Interest expense Income before income taxes Income tax expense $338,800 245,000 93,800 33,600 60,200 4,200 56,000 11,200 Net income $ 44,800 Additional data: 1. Depreciation expense was $24,500. 2. Dividends declared and paid were $28,000. 3. During the year equipment was sold for $11,900 cash. This equipment cost $25,200 originally and had accumulated depreciation of $13,300 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 parenthesis e.g. (15,000).) Coronado Industries Statement of Cash Flows Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash used by Financing Activities Net Cash used by Investing Activities Net Cash used by Operating Activities Net Decrease in Cash Net Increase in Cash Adjustments to reconcile net income to V Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Income Taxes Payable Decrease in Inventory Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable Increase in Income Taxes Payable Increase in Inventory Issuance of Common Stock Net Income Payment of Dividends Redemption of Bonds Sale of Equipment