Question 3 of 8 Ivanhoe Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment $142,8002022$46,2002021 \begin{tabular}{lrrr} Accumulated depreciation-equipment & 546,000 & 420,000 \\ Total & (138,600) & (67,200) \\ \cline { 2 - 4 } Liabilities and Stockholders' Equity & $1,165,500$1,253,700 \\ \hline \end{tabular} Accounts payable Bonds payable $81,900315,000453,600$90,300420,000365,400 Additional information: 1. Net income for 2022 was $195,300. 2. Depreciation expense was $71,400. 3. Cash dividends of $81,900 were declared and paid. 4. Bonds payable amounting to $105,000 were redeemed for cash $105,000. 5. Common stock was issued for $88,200 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease 45,000, or in parenthesis e.g. (45,000)) Ivanhoe Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income $195,300 Adjustments to reconcile net income to Cash Flows from Operating Activities $71,400 Increase in Accounts Receivable (25,200) Decrease in Inventory 46,200 Decrease in Accounts Payable (8.400) Decrease in Accounts Payable (8.400) \begin{tabular}{|r|} \hline 84,000 \\ \hline \end{tabular} Purchase of Equipment (126,000) Sale of Land \begin{tabular}{|r|} \hline 42,000 \\ \hline \end{tabular} Net Cash used by Investing Activities (84,000) Cash Flows from Financing Activities Redemption of Bonds