Shown below are comparative balance sheets for Holiday Company. HOLIDAY COMPANY Comparative Balance Sheets 12/31/2021 Assets 2021 2020 Cash $ 114,000 $ 22,000 Accounts receivable 98,000 74,000 Inventory 163,000 174,000 Land 851730 130,000 Equipment 225,000 200,000 Accumulated depreciation-equipmen (68,000) (55,000) Total 617.000 545.000 Liabilities and Stockholders' Equity 2021 2020 Accounts payable $ 34,000 $ 43,000 Bonds payable 146,000 190,000 Common stock ($1 par) 211,000 174,000 Retained earnings 226,000 138,000 Total 617.000 545.000 Additional information: 1. Net income for 2021 was $98,000. 2. Depreciation expense was $13,000. 3. Cash dividends of $10,000 were declared and paid. 4. Bonds payable amounting to $44,000 were redeemed for cash $44,000. 5. Common stock was issued for $37,000 cash. 6. No equipment was sold during 2017. 7. Land was sold for its book value. Prepare a statement of cash flows-indirect method. Indirect Method HOLIDAY COMPANY Statement of Cash Flows For the Year Ended December 31, 2021 2 Cash flows from operating activities 3 4 6 7 8 96 10 11 12 234 Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Decrease in accounts payable Net cash provided by operating activities 13 Cash flows from investing activities 14 15 16 17 18 Sale of land Purchase of equipment Net cash used by investing activities 19 Cash flows from financing activities 12 3 4 5 6 7 8 9 10 11 12 345 769 NN 20 Issuance of common stock 21 Payment of cash dividends 22 Redemption of bonds 24 26 Net increase in cash Net cash used by financing activities 27 Cash at beginning of period 28 Cash at end of period 29 30 31 34 322222285283 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32