Question 2 of 3 - 76 III View Policies Current Attempt in Progress Shown below are the comparative statements of financial position and statement of income for Sunland Corporation 2021 Sunland Corporation Statement of Financial Position As at May 31 2022 Current assets Cash 33,100 Accounts receivable 70,340 Inventory 177,350 Prepaid rent 8,300 Total current assets 289,090 Property, plant, and equipment 608,650 Less: Accumulated depreciation 141,000 Net PPE 467,650 Total assets 756,740 Current liabilities Accounts payable 115,620 Salaries and wages payable 57,340 Interest payable 23,190 Total current liabilities 196,150 Mortgage payable 70,500 Total liabilities 266,650 Shareholders' equity Common shares 363,580 Retained earnings 126,510 Total shareholders' equity 490,090 Total abilities and shareholders' equity 756.740 30,080 52,250 187,060 6.580 275,970 471,410 114,680 356,730 632.700 108,100 67,680 21,230 197,010 94,000 291,010 263,200 78,490 341,690 632,700 Sunland Corporation Statement of Income For the Year Ended May 31, 2022 Sales 1,410,000 Cost of goods sold 770,800 Gross margin 639,200 Expenses Salaries and wages expense 193,640 Interest expense 42,300 Other operating expenses 30.080 Depreciation expense 26,320 Total operating expenses 292,340 Income from Operations 346,860 Income tax expense 58.280 Net Income 288,580 The following is additional Information about transactions during the year ended May 31, 2022. for Sunland Corporation 1. 2 3. 4 Equipment costing $137.240 was purchased by paying cash. The other operating expenses relate to prepaid rent. In order to supplement its cash, Sunland issued 23,500 additional common shares. Cash dividends of $240,560 were declared and paid at the end of the fiscal year, Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e.s. (15,000).) Question 2 of 3 ./6 Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a signe.g.-15,000 or in parenthesis e.g. (15,000).) SUNLAND CORPORATION Statement of Cash Flows Adjustments to reconcile net income to $ e