Question 5 of 5 0.42 / 1 III Shown below are comparative balance sheets for Wildhorse Company. Wildhorse Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 47,600 Accounts receivable 61,600 Inventory 116.900 Land 56,000 Equipment 182,000 Accumulated depreciation equipment (46,200) Total $417,900 Liabilities and Stockholders' Equity Accounts payable $ 27,300 Bonds payable 105,000 Common stock ($1 par) 151,200 Retained earnings 134,400 Total $417,900 2021 $ 15,400 53,200 132,300 70,000 140,000 (22,400) $388,500 $ 30,100 140,000 121, 96.600 $388,500 Additional information: 1. 2. Net income for 2022 was $65,100. Depreciation expense was $23,800. Cash dividends of $27,300 were declared and paid. 3. 4. 5. Bonds payable amounting to $35,000 were redeemed for cash $35,000. Common stock was issued for $29,400 cash. No equipment was sold during 2022. Land was sold for its book value. 6. 7. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -45,000, or in parenthesis e.g. (45,000)). Wildhorse Company Statement of Cash Flows Cash Flows from Operating Activities Net Income $ 65,100.00 Adjustments to reconcile net income to Depreciation Expense $ 23.800.00 Increase in Accounts Receivable 8,400.00 Decrease in Inventory 15,400.00 Decrease in Accounts Payable 2,800.00 28,000.00 28,000.00 93,100.00 42,000.00 14,000.00 28,000.00 35,000 29,400 27.300 Cash Flows from Financing Activities 32,900 32,200 15,400 $ 47,600