The comparative balance sheets for Kingbird, Inc. as of December 31 are presented below. Kingbird, Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $82,960 $ 54,900 Accounts receivable 61,000 70,760 Inventory 184,769 173,240 Prepaid expenses 18,642 25,620 Land 176,900 158,600 Buildings 244,000 244,000 Accumulated depreciation-buildings (73,200) (48,800) Equipment 274,500 189,100 Accumulated depreciation-equipment (54,900) (42,700) Total $914,671 $824,720 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $ 54,571 $ 43,920 366,000 366,000 244,000 195,200 250,100 219,600 $914,671 $824,720 Additional information: 1. Operating expenses include depreciation expense of $51,240 ($24,400 of depreciation expense for buildings and $26,840 for equipment). 2. Land was sold for cash at book value. 3. Cash dividends of $14,640 were paid. 4. Net income for 2017 was $45,140. 5. Equipment was purchased for $112,240 cash. In addition, equipment costing $26,840 with a book value of $12,200 was sold for $9,760 cash. 6. 48,800 shares of $1 par value common stock were issued in exchange for land with a fair value of $48,800. Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - signe.g.-15,000 or in parenthesis eg. (15,000).) Kingbird, Inc. Statement of Cash Flows For the Year Ended December 31, 2022 (Cash Flows from Operating Activities Net Income 0 45140 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ 51240 Loss on Disposal of Plant Assets A 1 2440 | Decrease in Accounts Receivable 9 9760 Increase in Accounts Payable 10651 Decrease in Prepaid Expenses 6978 Increase in Inventory D -11529 69540 (Net Cash Provided by Operating Activities 114680 Cash Flows from Investing Activities Sale of Land 4 30500 Sale of Equipment 9760 Purchase of Equipment -112240 (Net Cash used by Investing Activities -71980 Cash Flows from Financing Activities Payment of Cash Dividends - 14640 Net Cash used by Financing Activities - 14640 4049 Net Increase in Cash 28060 Cash at Beginning of Period 54900 Cash at End of Period Net Income 68320 e Textbook and Media Solution Sale of land = $158,600+ $48,800 - $176,900 = $30,500