Problem 16-3B Calculating cash flows (indirect method) LO5, 6 CHECK FIGURE: Cash inflow from operating activities = $22,800 Burrow Mining Inc.'s comparative balance sheet information at December 31, 2023 and 2022, and its income statement for the year ended December 31, 2023, are as follows: Burrow Mining Inc. Income Statement Year Ended December 31, 2023 Sales Cost of goods sold. Gross profit. Operating expenses. Depreciation expense... Profit from operations. Loss on sale of equipment. Investment income Profit before taxes Income taxes Profit Burrow Mining Inc. Comparative Balance Sheet Information December 31 504,000 336,000 Cash 2023 $ 28,000 2022 $ 14,560 Net Change $ 13,440 168,000 Cash equivalents. 10,080 5,600 4,480 77.920 Accounts receivable 51,520 21,840 29,680 24,080 102,000 Inventory.. 66,640 48,720 17,920 66,000 Non-current investment........ -0 10,080 (10,080) 2,240 Land 44,800 44,800 -0- 6,720 Building and equipment........ 259,280 266,000 (6,720) 70,480 Accumulated depreciation.... 68,880 56,560 12,320 10,000 Accounts payable 11,920 21,600 (9,680) 60,480 Dividends payable. 400 800 (400) Bonds payable. 14,000 -0 14,000 Preferred shares.. 47,600 47,600 -0 Common shares 236,880 236,880 -0- Retained earnings. 80,640 48,160 32,480 During 2023, the following transactions occurred: 1. Issued $14,000 of bonds payable at face value. 2. Sold the non-current investment on January 1, 2023, for $16,800. 3. Sold equipment for $3,920 cash that had originally cost $17,920 and had $11,760 of accumulated depreciation. 4. Purchased equipment for $11,200 cash. Required a. How much was paid in dividends during 2023? b. Prepare a statement of cash flows for Burrow Mining Inc. for the year ended December 31, 2023, using the indirect method. Analysis Component: Accounts Receivable increased from $21,840 to $51,520 in 2023. What transactions caused this account to change? Accounts Payable decreased during 2023. What caused this account to change?