*Problem 12-08A (Part Level Submission) Presented below are the financial statements of Martinez Company. Martinez Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 66,500 $ 38,000 Accounts receivable 38,000 26,600 Inventory 53,200 38,000 Property, plant, and equipment 114,000 148,200 Accumulated depreciation (60,800) (45,600) Total $210,900 $205,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 36,100 $ 28,500 13,300 15,200 32,300 62,700 34,200 26,600 95,000 72,200 $210,900 $205,200 Martinez Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $459,800 332,500 127,300 $34,200 11,400 45,600 81,700 5,700 76,000 15,200 $ 60,800 Additional data: 1. Depreciation expense was $33,250. 2. Dividends declared and paid were $38,000. 3. During the year equipment was sold for $16,150 cash. This equipment cost $34,200 originally and had accumulated depreciation of $18,050 at the time of sale. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. 4. All sales and purchases are on account. *(a) Prepare a statement of cash flows for Martinez Company using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Martinez Company Statement of Cash Flows > >