Sheffield Corp.reported the following information for 2022. Sheffield Corp. Comparative Balance Sheets December 31 2021 $90,000 55.000 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals 2022 $147,500 155,000 110,000 15,000 137,500 500,000 (52,500) 457,500 (70,000) $1,400.000 10,000 175,000 500,000 (35,000) 170,000 (25.000) S940,000 Change Increase/Decrease $57,500 Increase 100,000 Increase 110,000 Increase 5,000 Increase 37.500 Decrease -0- 17.500 Increase 287,500 Increase 45,000 Increase $107,500 0 250,000 575,000 467,500 $1.400.000 $100,000 25,000 375,000 150,000 290,000 $940,000 $7.500 Increase 25.000 Decrease 125,000 Decrease 425,000. Increase 177.500 Increase Sheffield Corp. Income Statement For the Year Ended December 31, 2022 Sales revenue $2,352,500 Cost of goods sold $1,187.500 Operating expenses 577,500 Interest expense 30,000 Loss on disposal of equipment 5.000 1,800,000 Income before income taxes 552.500 Income tax expense 162.500 Net income $390,000 3. Additional information: 1 Operating expenses include depreciation expense of $100,000 2 Land was sold at its book value for cash. Cash dividends of $212,500 were declared and paid in 2022 Equipment with a cost of $415.000 was purchased for cash. Equipment with a cost of $127.500 and a book value of $90,000 was sold for $85,000 cash 5. Bonds of $125,000 were redeemed at their face value for cash. Common stock ($1 par) of $425,000 was issued for cash. 6 Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either - signes -15,000 or in parenthesis es. 15,0001) Sheffield Corp. Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to > $ > > > > > > > > A > Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash used by Financing Activities Net Cash used by Investing Activities Net Cash used by Operating Activities Net Decrease in Cash Net Increase in Cash Homework Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Qu Decrease in Prepaid Expenses Depreciation Expense Gain on Disposal of Equipment Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Increase in Prepaid Expenses Loss on Disposal of Equipment Net Income Payment of Dividends Purchase of Equipment Redemption of Bonds Sale of Common Stock Sale of Equipment