The comparative balance sheets forBlue Spruce Corp.as of December 31 are presented below.

Blue Spruce Corp.

Comparative Balance Sheets

December 31

Assets

2022 2021

Cash

$ 84,320 $ 55,800

Accounts receivable

62,000 71,920

Inventory

187,798 176,080

Prepaid expenses

18,947 26,040

Land

179,800 161,200

Buildings

248,000 248,000

Accumulated depreciationbuildings

(74,400) (49,600)

Equipment

279,000 192,200

Accumulated depreciationequipment

(55,800) (43,400)

Total

$929,665 $838,240

Liabilities and Stockholders' Equity

Accounts payable

$ 55,465 $ 44,640

Bonds payable

372,000 372,000

Common stock, $1 par

248,000 198,400

Retained earnings

254,200 223,200

Total

$929,665 $838,240

Additional information:

1. Operating expenses include depreciation expense of $52,080 ($24,800 of depreciation expense for buildings and $27,280 for equipment).

2. Land was sold for cash at book value.

3. Cash dividends of $14,880 were paid.

4. Net income for 2022 was $45,880.

5. Equipment was purchased for $114,080 cash. In addition, equipment costing $27,280 with a book value of $12,400 was sold for $9,920 cash.

6. 49,600 shares of $1 par value common stock were issued in exchange for land with a fair value of $49,600.

Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method.