The comparative balance sheets for Sheridan Company as of December 31 are presented below. Sheridan Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total $ 62,560 46,000 139,334 14,058 133,400 184,000 (55,200) 207,000 (41,400) $689,752 $ 41,400 53,360 130,640 19,320 119,600 184,000 (36,800) 142,600 (32,200) $621,920 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $ 41, 152 276,000 184,000 188,600 $689,752 $ 33,120 276,000 147,200 165,600 $621,920 Additional information: 1. 2. 3. Operating expenses include depreciation expense of $38,640 ($18,400 of depreciation expense for buildings and $20,240 for equipment). Land was sold for cash at book value. Cash dividends of $11,040 were paid. Net income for 2022 was $34,040. Equipment was purchased for $84,640 cash. In addition, equipment costing $20,240 with a book value of $9,200 was sold for $7,360 cash. 36,800 shares of $1 par value common stock were issued in exchange for land with a fair value of $36,800. 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).) Sheridan Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income $ Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ Increase in Accounts Receivable V Increase in Inventory Increase in Accounts Payable II Net Cash used by Financing Activities Net Increase in Cash $ Cash at Beginning of Period $