Problem 12-07A (Part Level Submission) Presented below are the financial statements of Skysong Company. Skysong Company Comparative Balance Sheets December 31 2022 Assets 2021 $ 45,500 $ 26,000 Cash 26,000 18,200 Accounts receivable 36,400 26,000 Inventory 78,000 101,400 Property, plant, and equipment (41,600 ) (31,200 ) Accumulated depreciation $144,300 $140,400 Total Liabilities and Stockholders' Equity $ 19,500 $ 24,700 Accounts payable Income taxes payable 9,100 10,400 22,100 42,900 Bonds payable 23,400 18,200 Common stock Retained earnings 65,000 49,400 $144,300 $140,400 Total Skysong Company Income Statement For the Year Ended December 31, 2022 Sales revenue $314,600 227,500 Cost of goods sold Gross profit 87,100 Selling expenses $23,400 7,800 31,200 Administrative expenses Income from operations 55,900 3,900 Interest expense 52,000 Income before income taxes 10,400 Income tax expense $ 41,600 Net income Additional data: 1. Depreciation expense was $22,750. 2. Dividends declared and paid were $26,000. 3. During the year equipment was sold for $11,050 cash. This equipment cost $23,400 originally and had accumulated depreciation of $12,350 at the time of sale. v (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).) Skysong Company Statement of Cash Flows 24 Adjustments to reconcile net income to %24 Open Show Work Click if you would like to Show Work for this