Problem 12-07A (Part Level Submission) Presented below are the financial statements of Bonita Industries. Bonita Industries Comparative Balance Sheets December 31 2022 2021 Assets $ 63,000 $ 36,000 Cash 36,000 25,200 Accounts receivable 50,400 36,000 Inventory 108,000 140,400 Property, plant, and equipment (43,200 ) (57,600 ) Accumulated depreciation $199,800 $194,400 Total Liabilities and Stockholders' Equity $ 27,000 $ 34,200 Accounts payable 12,600 14,400 Income taxes payable Bonds payable 30,600 59,400 32,400 25,200 Common stock 68,400 Retained earnings 90,000 $199,800 $194,400 Total Bonita Industries Income Statement For the Year Ended December 31, 2022 $435,600 Sales revenue 315,000 Cost of goods sold Gross profit 120,600 $32,400 Selling expenses 10,800 43,200 Administrative expenses 77,400 Income from operations 5,400 Interest expense 72,000 Income before income taxes 14,400 Income tax expense $ 57,600 Net income Additional data: Additional data 1. Depreciation expense was $31,500. 2. Dividends declared and paid were $36,000. 3. During the year equipment was sold for $15,300 cash. This equipment cost 532,400 originally and had accumulated depreciation of $17,100 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).) Bonita Industrles Statement of Cash Flows Adjustments to reconcile net income to 24