The comparative balance sheets for Skysong, Inc. as of December 31 are presented below. Skysong, Inc. Comparative Balance Sheets December 31 Assets 2022 Cash $ 61,200 Accounts receivable 45,000 Inventory 136,305 Prepaid expenses 13,752 Land 130,500 Buildings 180,000 Accumulated depreciation-buildings (54,000) Equipment 202,500 Accumulated depreciation equipment (40.500) Total $674,757 2021 $ 40,500 52,200 127,800 18,900 117,000 180,000 (36,000) 139,500 (31,500) $608,400 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $ 40,257 270,000 180,000 184,500 $674,757 $ 32,400 270,000 144,000 162,000 $608,400 Additional information: 1. 2. 3. 4. 5. Operating expenses include depreciation expense of $37,800 ($18,000 of depreciation expense for buildings and $19,800 for equipment). Land was sold for cash at book value. Cash dividends of $10,800 were paid. Net income for 2022 was $33,300. Equipment was purchased for $82,800 cash. In addition, equipment costing $19,800 with a book value of $9,000 was sold for $7,200 cash. 36,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $36,000. 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).) Skysong, Inc. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 33300 Adjustments to reconcile net income to Noncash investing and Financing Activities V Depreciation Expense > $ Sale of Equipment