Problem 12-11A Your answer is partially correct. Try again. The comparative balance sheets for Oriole Company as of December 31 are prese Oriole Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 81,600 Accounts receivable 60,000 Inventory 181,740 Prepaid expenses 18,336 Land 174,000 Buildings 240,000 Accumulated depreciation-buildings (72,000 ) Equipment 270,000 Accumulated depreciation-equipment (54,000 ) Total $899,676 2021 $ 54,000 69,600 170,400 25,200 156,000 240,000 (48,000) 186,000 (42,000 ) $811,200 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings $ 53,676 360,000 240,000 246,000 $899,676 $ 43,200 360,000 192,000 216,000 $811,200 Total Additional information: 1. Operating expenses include depreciation expense of $50,400 ($24,000 of depreciation expense for buildings and $26,400 for equipment). 2. Land was sold for cash at book value. 3. Cash dividends of $14,400 were paid. 4. Net income for 2022 was $44,400. 5. Equipment was purchased for $110,400 cash. In addition, equipment costing $26,400 with a book value of $12,000 was sold for $9,600 cash. 6. 48,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $48,000. Prepare a statement of cash flows for the year ended December 31, 2022, 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).) Oriole Company Statement of Cash Flows For the Year Ended December 31, 2022 4 TCash Flows from Operating Activities | T Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities + | T Decrease in Accounts Receivable T 9600 T Increase in Inventory T -11340 Decrease in Prepaid Expenses 6864 T Increase in Accounts Payable 10476 Increase in Prepaid Expenses T Decrease in Accounte Davable T Increase in Accounts Payable 10476 Increase in Prepaid Expenses Decrease in Accounts Payable Net Cash Provided by Operating Activities 112800 TCash Flows from Investing Activities A Sale of Equipment AT -110400 T Purchase of Equipment 9600 T Sale of Land a 30000 T Net Cash used by Investing Activities | -70800 TCash Flows from Financing Activities Payment of Cash Dividends -14400 Cash Flows from Financing Activities T Cash Flows from Financing Activities | T Payment of Cash Dividends -14400 Cash Flows from Financing Activities Net Increase in Cash Cash at End of Period T Acquired Land by Issuance of Common Stock A Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Problem 12-11A Your answer is partially correct. Try again. The comparative balance sheets for Oriole Company as of December 31 are prese Oriole Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 81,600 Accounts receivable 60,000 Inventory 181,740 Prepaid expenses 18,336 Land 174,000 Buildings 240,000 Accumulated depreciation-buildings (72,000 ) Equipment 270,000 Accumulated depreciation-equipment (54,000 ) Total $899,676 2021 $ 54,000 69,600 170,400 25,200 156,000 240,000 (48,000) 186,000 (42,000 ) $811,200 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings $ 53,676 360,000 240,000 246,000 $899,676 $ 43,200 360,000 192,000 216,000 $811,200 Total Additional information: 1. Operating expenses include depreciation expense of $50,400 ($24,000 of depreciation expense for buildings and $26,400 for equipment). 2. Land was sold for cash at book value. 3. Cash dividends of $14,400 were paid. 4. Net income for 2022 was $44,400. 5. Equipment was purchased for $110,400 cash. In addition, equipment costing $26,400 with a book value of $12,000 was sold for $9,600 cash. 6. 48,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $48,000. Prepare a statement of cash flows for the year ended December 31, 2022, 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).) Oriole Company Statement of Cash Flows For the Year Ended December 31, 2022 4 TCash Flows from Operating Activities | T Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities + | T Decrease in Accounts Receivable T 9600 T Increase in Inventory T -11340 Decrease in Prepaid Expenses 6864 T Increase in Accounts Payable 10476 Increase in Prepaid Expenses T Decrease in Accounte Davable T Increase in Accounts Payable 10476 Increase in Prepaid Expenses Decrease in Accounts Payable Net Cash Provided by Operating Activities 112800 TCash Flows from Investing Activities A Sale of Equipment AT -110400 T Purchase of Equipment 9600 T Sale of Land a 30000 T Net Cash used by Investing Activities | -70800 TCash Flows from Financing Activities Payment of Cash Dividends -14400 Cash Flows from Financing Activities T Cash Flows from Financing Activities | T Payment of Cash Dividends -14400 Cash Flows from Financing Activities Net Increase in Cash Cash at End of Period T Acquired Land by Issuance of Common Stock A Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT