SHAMROCK CORPORATION Comparative Balance Sheet Assets 2022 2021 Cash $46,200 $31,400 Accounts receivable (net) 83,000 69,000 Prepaid insurance 28,200 15,800 Land 22,500 54,000 Equipment 76,000 61.000 Accumulated depreciation (19,600) (12,900) Total assets $236,300 $218,300 Liabilities and Stockholder's Equity $12,000 $7,800 Accounts payable Bonds payable 27.400 17.100 145,000 112,000 Common stock 51,900 81.400 Retained earnings $236,300 $218,300 Total liabilities and stockholder's equity Additional information: 1. 2. 3. Net loss for 2022 is $12.000. Net sales for 2022 are $340,000. Cash dividends of $17.000 were declared and paid in 2022. Land was sold for cash at a loss of $3,700. This was the only and transaction during the year. Equipment with a cost of $15,800 and accumulated depreciation of $11.800 was sold for $4,000 cash. $14,100 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $31,000. 4. 5. 6. Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-signes. -15,000 or in parenthesise.s. (15,000). Do not leave any answer field blank. Enter for amounts.) SHAMROCK CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income/(Loss) $ 12,000.00 Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income /(Loss) 12,000.00 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ 18,500.00 Proceeds from the sale of Land 3.700.00 Increase in Accounts Receivable - 14,000.00 Increase in Prepaid Insurance -12.400.00 increase in Accounts Payable 4,200.00 0 Net Cash Provided by Operating Activities 12,000.00 Cash Flows from Investing Activities Net Cash Provided by Operating Activities 12.000.00 Cash Flows from Investing Activities -Proceeds fror the sale of Equipment > 4,000.00 Proceeds from the Sale of Land 27.800.00 Net Cash Provided by Investing Activities 31.800.00 Cash Flows from Financing Activities Issuance of Bonds Payable