The comparative balance sheets as of December 31, 2023, and 2022 and the income statement for the year ended December 31, 2023, for Lynbrook Inc. appear on the following page. The accounting department at Lynbrook provided the additional information needed for you to prepare the 2023 statement of cash flows. 1. The company sold equipment that had an original cost of $12 million and accumulated depreciation of $7 million. The cash proceeds from the sale were $7 million. The gain on the sale was $2 million. 2. The company issued $20 million in new bonds payable at par and repaid a portion of the bonds payable that matured during the year. 3. The company paid a cash dividend during the year. 4. The company did not issue or repurchase any shares of common stock during the year. Required: Prepare a complete statement of cash flows for the year ending December 31, 2023 (operating, investing, and financing). Use the indirect method to prepare the operating activities section of the statement. Note: Lynbrook includes depreciation expense as part of selling and administrative expenses in the income statement. Set up a T account for Accumulated Depreciation to determine the depreciation expense that were incurred in 2023. Reminder: Continue using the excel HW policies for preparing your solution to the problem. Lynbrook Inc. Comparative Balance Sheet December 31, 2023 and 2022 Assets: 2023 2022 Cash $ 39 $ 81 Accounts receivable 640 588 Inventory 650 610 Total current assets 1,329 1,279 Property, Plant & Equipment 1,505 1484 Less: Accumulated depreciation (770) (651) Net Property, Plant & Equipment 735 833 Total Assets $ 2,064 $ 2,112 Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued liabilities Income tax payable Total current liabilities Bonds payable Total liabilities Shareholders' Equity: $ 260 180 77 517 415 932 $ 160 170 72 402 600 1,002 Common stock 145 145 Retained earnings 987 965 Total stockholders' equity 1,132 1,110 Total Liabilities and Stockholder's Equity $ 2,064 $ 2,112 Sales Cost of goods sold Gross Margin Selling and administrative expenses Net operating income Other income and expenses Gain on sale of equipment Income before taxes Income tax expense Net Income Lynbrook Inc. Income Statement For the year ended December 31, 2023 3,700 2,540 1,160 880 280 2 282 112 $ 170