Shown below are comparative statements of financial position for Concord Corporation. CONCORD CORPORATION Statement of Financial Position December 31 Assets 2022 2021 Cash $59,840 $19,360 Accounts receivable 74,800 66,880 Inventory 149,600 166,320 Land 70,400 88,000 Equipment 228,800 176,000 Accumulated depreciation - equipment (58,080) (28,160 ) $525,360 $488,400 Liabilities and Shareholders' Equity Accounts payable $34,320 $41,360 Bonds payable 132,000 176,000 Common shares 190,080 153,120 Liabilities and Shareholders' Equity Accounts payable $34,320 $41,360 Bonds payable 132,000 176,000 Common shares 190,080 153,120 Retained earnings 168,960 117,920 $525,360 $488,400 Additional information: 1. Net income for 2022 was $81,840. There were no gains or losses reported on the statement of income. 2. Cash dividends of $30,800 were declared and paid. 3. Bonds payable amounting to $44,000 were redeemed for cash $44,000. The bonds were originally issued at face value (no premium or discount). 4. Common shares were issued for $36,960 cash. 5. No land was purchased during 2022. 6. No equipment was disposed of during 2022. 5. No land was purchased during 2022. 6. No equipment was disposed of during 2022. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis e.g. (15,000).) CONCORD CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 Cash flows from operating activities Net income Adjustments to reconcile net income to Net cash provided by operating activities 81840 Increase in accounts receivable Decrease in inventory Decrease in accounts payable CONCORD CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 Cash flows from operating activities Net income Adjustments to reconcile net income to Net cash provided by operating activities Increase in accounts receivable Decrease in inventory Decrease in accounts payable Depreciation expense Net cash provided by operating activities 81840 Net cash provided by operating activities Cash flows from investing activities Proceeds from disposal of land Purchase of equipment Net cash provided by investing activities SA Cash flows from financing activities 3 Payment of cash dividends Redemption of bonds Issue of common shares v Net cash provided by financing activities Net cash provided by investing activities Cash flows from financing activities Payment of cash dividends Redemption of bonds Issue of common shares Net cash provided by financing activities Net increase in cash Cash, January 1 Cash, December 31 Save for Later Attempts: 0 of 1 used