Tamarisk Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,300 $19,000 Accounts receivable 32,900 19,900 Inventory 30.800 20,300 Property, plant, and equipment 59,900 77,400 Accumulated depreciation (29,300) (23,300) Total $130,600 $113,300 Liabilities and Stockholders' Equity Accounts payable $28,400 $16,600 Income taxes payable 7,000 8,100 Bonds payable 27,800 32,000 Common stock 17,800 14,300 Retained earnings 49,600 42,300 Total $130,600 $113,300 Tamarisk Company Income Statement For the Year Ended December 31, 2022 Sales revenue $242,000 Cost of goods sold 176,500 Gross profit 65,500 Selling expenses $17,325 Administrative expenses 5,775 23,100 Income from operations 42,400 Interest expense 2,500 Income before income taxes 39,900 Income tax expense 7,980 Net income $31,920 Additional data: 1. Depreciation expense was $15,900. 2. 3. Dividends declared and paid were $24,620. During the year equipment was sold for $7,600 cash. This equipment cost $17,500 originally and had accumulated depreciation of $9,900 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 4. 5 5. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signez-15.0 or in parenthesis eg. (15,000 Tamarisk Company Statement of Cash Flows - Indirect Method For the Year Ended December 31, 2022 Cash Flow from Operating Activities Net 45.400 Adjustments to reconcile net income to Cash Flows from Deenale Activities V Deprecation Expense V 13.900 Increase in Inventory 10.500 Increase in Accounts Payable V 11.800 Decrease in Income Tece Payable -1.100 Deprecation Expanse 15.900 1.100 Net Cash Provided by Operating Acil 32.600 Cash Flows from Invating Act Mitles Sale of Equipment 9.800 9.800 Cash Flow from Financing Activities Issuance of Common Stock V 3500 Payment of DMdends -24.620 Redemption of Bands Net Cash Used by Financing Activities -24.900 Net Increase in Cash 17.300 GOOO Net Increase in Cash 19000 Cash at End of Period 36300