The comparative balance sheet of C$.$ T$.$ Green, Inc. for December $31,2022,$ and $2021,$ is as follows:

C$.$T$.$ Green, Inc.

Comparative Balance Sheets

December $31,2022$ and $2021$

Assets $20222021$ Accounts Balance Increase$/$Decrease

Cash $$82,000$ $$64,80017,200$

Accounts receivable $104,80091,00013,800$

Inventories $127,400108,90018,500$

Investments $-90,000(90,000)$

Land $102,000-102,000$

Equipment $425,700329,70096,000$

Accumulated depreciation$-$equipment $(171,800)(135,800)36,000$

$.$ $$670,100$ $$548,600$

Liabilities and Stockholders' Equity

Accounts payable $$70,900$ $$63,0007,900$

Accrued expenses $6,1005,0001,100$

Dividends payable $14,40012,0002,400$

Common stock, $$10$ par $360,000300,00060,000$

Paid$-$in capital in excess $-$common stock $31,40019,40012,000$

Retained earnings $187,300149,20038,100$

Total liabilities and stokcholder's equity $$670,100$ $$548,600$

C$.$T$.$ Green, Inc.

Income Statement

For the Year Ended December $31,2022$

Sales $$1,194,000$

Cost of goods sold $708,900$

Gross profit $485,100$

Operating expense

Depreciation expense $$36,000$

Other operating expenses $336,000$

Total operating expenses $372,000$

Income from operations $113,100$

Other income:

Gain on sale of investments $8,000$

Income before income tax $121,100$

Income tax expense $32,600$

Net income $$88,500$

The following additional information was taken from the records of C$.$ T$.$ Green Inc.:

a$.$ Equipment and land were acquired in cash.

b$.$ The investments were sold for $$98,000.$

c$.$ Common stock was issued for cash.

d$.$ There was a $$50,400$ debit to Retained Earnings for cash dividend declared.

Instructions

a$.$ Prepare a statemen of cash flows using the indirect method of reporting cash flows from operating activities.

b$.$ Prepare a statemen of cash flows using the direct method of reporting cash flows from operating activities.