Question 1 of 1 View Policies Current Attempt in Progress Condensed financial data of Shamrock, Inc. follow. Shamrock, Inc. Comparative Balance Sheets December 31 Assets 2022 Cash $ 242.400 Accounts receivable 263,400 Inventory 337,500 Prepaid expenses 85,200 Long-term investments 414,000 Plant assets 855,000 Accumulated depreciation (150.000) Total $2,047,500 Liabilities and Stockholders' Equity Accounts payable $ 306,000 Accrued expenses payable 49.500 Bonds payable 330,000 Common stock 660.000 Retained earnings 702,000 Total $2,047,500 2021 $ 145,200 114,000 308,550 78,000 327.000 727.500 (156,000) $1,544,250 $ 201,900 63,000 438.000 525.000 316.350 $1,544,250 Shamrock, Inc. -11 !!! Total $2,047,500 $1,544,250 $1,165,380 Shamrock, Inc. Income Statement Data For the Year Ended December 31, 2022 Sales revenue Less: Cost of goods sold $406,380 Operating expenses, excluding depreciation 37.230 Depreciation expense 139,500 Income tax expense 81.840 Interest expense 14.190 Loss on disposal of plant assets 22,500 Net income 701,640 $ 463,740 Additional information: 1 2. New plant assets costing $300,000 were purchased for cash during the year. Old plant assets having an original cost of $172,500 and accumulated depreciation of 5145,500 were sold for $4.500 cash Bonds payable matured and were paid off at face value for cash A cash dividend of $78,090 was declared and paid during the year. 3. 4. Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a-signes -15,000 or in parenthesis es. (15,000) -71 Question 1 of 1 Shamrock, Inc. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Cash Flows from Operating Activities > > > > > Question 1 of 1 -/1 >