Sheffield Corp.reported the following information for 2022. Sheffield Corp. Comparative Balance Sheets December 31 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 Change Increase/Decrease $57,500 Increase 100,000 Increase 110,000 Increase 5,000 Increase 37,500 Decrease 2021 $90,000 55,000 -0- 10,000 175,000 500,000 (35,000) 170,000 (25,000) $940,000 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 Additional information: Operating expenses include depreciation expense of $100,000. 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. Bonds of $125,000 were redeemed at their face value for cash. Common stock ($1 par) of $425,000 was issued for cash. 1. 2. 3. 4. 5. 6. Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signeg.-15,000 or in parenthesis eg. (15,000).) Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signeg.-15,000 or in parenthesis eg (15.000) Sheffield Corp. Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to