Shown below are comparative statements of financial position for Flint Corporation. FLINT CORPORATION Statement of Financial Position December 31 Assets 2022 2021 Cash $62,560 $20,240 Accounts receivable 78,200 69,920 Inventory 156,400 173,880 Land 73,600 92,000 Equipment 239,200 184,000 Accumulated depreciation - equipment (60,720) (29.440) $549,240 $510,600 Liabilities and Shareholders' Equity Accounts payable $35,880 $43,240 Bonds payable 138,000 184,000 Common shares 198,720 160,080 Retained earnings 176,640 123,280 $549,240 $510,600 Additional information: 1. Net income for 2022 was $85,560. There were no gains or losses reported on the statement of income. 22 2. Cash dividends of $32,200 were declared and paid. 3. 4 Bonds payable amounting to $46,000 were redeemed for cash $46,000. The bonds were originally issued at face value (no premium or discount). Additional information: 1. 23 Net income for 2022 was $85,560. There were no gains or losses reported on the statement of income. Cash dividends of $32,200 were declared and paid. Bonds payable amounting to $46,000 were redeemed for cash $46,000. The bonds were originally issued at face value (no premium or discount). Common shares were issued for $38,640 cash. 4. 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 eg. (15,000)) FLINT CORPORATION Statement of Cash Flows Cash flows from operating activities FLINT CORPORATION Statement of Cash Flows For the Year Ended December 31, 2022 Net income Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense Decrease in inventory Increase in accounts receivable 85560 Decrease in inventory Increase in accounts receivable Decrease in accounts payable Net cash provided by operating activities Cash flows from investing activities Proceeds from disposal of land Purchase of equipment Cash flows from financing activities Payment of cash dividends Redemption of bonds Issue of common shares Net cash used by financing activities Net increase in cash Cash, January 1 Cash, December 31 32200 46000 38640