The comparative statements of financial position for RiverHeightsInc. are presented below: RiverHEIGHTS INC.Comparative Statements of Financial PositionAssets20222021

Cash.................................................................................$ 68,000$ 36,000

Accounts receivable..........................................................97,00064,000

Inventory...........................................................................180,000140,000

Prepaid expenses.............................................................5,0004,000

Investments......................................................................30,00020,000

Property, plant, and equipment.........................................448,000400,000

Accumulated depreciation.................................................(100,000)(80,000)

Total............................................................................$728,000$584,000

Liabilities and Shareholders' EquityAccounts payable..............................................................$ 76,000$ 68,000

Accrued expenses payable...............................................20,00024,000

Bonds payable..................................................................260,000200,000

Common shares................................................................100,000150,000

Retained earnings.............................................................272,000142,000

Total............................................................................$728,000$584,000

RiverHEIGHTS CORPORATIONStatement of IncomeYear Ended December 31, 2022Sales.................................................................................$1,000,000

ExpensesCost of goods sold.....................................................$580,000

Operating expenses (excluding depreciation).............180,000

Depreciation expense................................................30,000

Interestexpense.........................................................18,000

Loss on sale of property, plant, and equipment..........8,0008 16,000

Income before income tax.................................................184,000

Income tax expense..........................................................34,000

Net income........................................................................$ 150,000

Additional information regarding fiscal 2022:1.The new property, plant, and equipment costing $66,000 was purchased for cash.2.Old property, plant, and equipment costing $18,000 was scrapped when the carrying amount was $8,000.3.A cash dividend of $20,000 was declared and paid during the year.4.Accounts payable pertain to merchandise purchasesand accrued expenses pertain to operating expenses.InstructionsPrepare the statement of cashflows using the indirect method