Question 3 of 4 < View Policies Current Attempt in Progress The following are comparative balance sheets for Cullumber Company. Cullumber Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $72.500 $32.500 Accounts receivable 85,500 70.500 Inventory 169,500 186,500 Land 72.000 100,000 Equipment 259,000 199,000 Accumulated depreciation-equipment (65,500) (33.500) Total $593.000 $555,000 Liabilities and Stockholders' Equity Accounts payable $35,000 $46,500 Bonds payable 148,000 203,000 Common stock ($1 par) 214,000 172.000 Retained earnings 196,000 133,500 Total $593,000 $555.000 Additional information -12 Question 3 of 4 < > Accounts receivable 85,500 70,500 Inventory 169.500 186,500 Land 72,000 100,000 Equipment 259,000 199,000 Accumulated depreciation-equipment (65,500) (33,500) Total $593,000 $555,000 Liabilities and Stockholders' Equity Accounts payable $35,000 $46,500 Bonds payable 148,000 203,000 Common stock ($1 par) 214,000 172,000 Retained earnings 196,000 133,500 Total $593,000 $555,000 1. 2. 3. Additional information: Net income for 2022 was $101,000. Depreciation expense was $32.000. Cash dividends of $38,500 were declared and paid. 4. Bonds payable amounting to $55,000 were redeemed for cash $55,000. 5. Common stock was issued for $42,000 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. Question 3 of 4 < > -/2 ! Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000, or in parenthesis e.g. (15,000).) Cullumber Company Statement of Cash Flows Adjustments to reconcile net income to Question 3 of 4 < > -12 E eTextbook and Media