Question 11 Grunt Corporation Ltd. provided the following income statements and balance sheets for 2022. Gount Corporation Lid Income Statement For the Year Ended December 31, 2022 Sales revenue $552.000 Cost of goods sold 400,000 Gross margin 152.000 Operating expenses Salary expense $46,000 Depreciation - equipment 7.000 Other expenses 55.000 Total operating expenses 108,000 Income from operations 44,000 Other items Loss on sale of equipment 2.000) Income before income tax 42,000 Income tax expense 16.000 Net income 26.000 Grunt Corporation Ltd Balance Sheet December 31, Assets 2022 2021 Current Cash $ 19,000 $3,000 Accounts receivable 34,000 28,000 Inventories 21.000 26,000 Prepaid expenses 2.000 3.000 Total current assets 76.000 60.000 Long term investments 18.000 10,000 Equipment, net 67,000 52.000 Patent, net 44.000 10,000 S205.000 $132.000 Liabilities Current Accounts payable $ 28,000 $ 26,000 Accrued liabilities 14.000 10,000 Income tax payable 10.000 9,000 Total current liabilities $2.000 45.000 Long term note payable 44,000 Bonds payable 40,000 53.000 Shareholders' Equity Share capital 42.000 15.000 Retained camnings 27,000 19.000 S205.000 S132000 Additional information provided by the company is as follows Equipment purchased $98.000 Issued common shares to retire bonds 13,000 Made investment in related company 8,000 Issued long term note payable to purchase putent 37,000 Issued 4 year note to borrow cash 7.000 Issued common shares for cash 19,000 Repurchased shares 5,000 Removed net equipment from books in amount of 76,000 Paid dividends 18,000 Required: Prepare, in good form, the cash flow statement, including all required disclosures for 2022, using the indirect method