The comparative balance sheets for Marigold Corp. as of December 31 are presented below. Marigold Corp. Comparative Balance Sheets December 31 Assets 2022 Cash $ 58,480 Accounts receivable 43,000 Inventory 130,247 Prepaid expenses 13,141 Land 124,700 Buildings 172,000 Accumulated depreciation-buildings (51,600) Equipment 193,500 Accumulated depreciation-equipment (38,700) Total $644,768 2021 $38,700 49,880 122,120 18,060 111,800 172,000 (34,400) 133,300 (30,100) $581,360 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $ 38,468 258,000 172,000 176,300 $644,768 $ 30,960 258,000 137,600 154,800 $581,360 Additional information: 1. 2. 3. Operating expenses include depreciation expense of $36,120 ($17,200 of depreciation expense for buildings and $18,920 for equipment). Land was sold for cash at book value. Cash dividends of $10,320 were paid. Net income for 2022 was $31,820. Equipment was purchased for $79,120 cash. In addition, equipment costing $18,920 with a book value of $8,600 was sold for $6,880 cash. 34,400 shares of $1 par value common stock were issued in exchange for land with a fair value of $34,400. 4. 5. 6. 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-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Marigold Corp. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income $ 31820 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 36120 Loss on Disposal of Plant Assets 1720 Decrease in Accounts Receivable 6880 Increase in Inventory -8127 Decrease in Prepaid Expenses 4919 Increase in Accounts Payable 7508 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land Cash Flows from Investing Activities Sale of Land Purchase of Equipment Sale of Equipment Net Cash used by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Net Increase in Cash Cash at Beginning of Period Cash at End of Period LA Noncash Investing and Financing Activities Acquired Land by Issuance of Common Stock LA