The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $ 179,040 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues: Expenses: Cost of goods sold $39,200 Operating expenses 59,940 Depreciation expense 18,300 Interest expense 8,530 Income tax expense 15, 200 Total expenses Net income 141,170 $ 37,870 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 Increase (I) or Decrease (D) 2021 $ $ Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Tand 234,020 48,860 8,400 1,040 $ 59,880 0 0 5,060 174,140 48,860 8,400 4,020 (I) (I) (I) (D) annnn ann an ITI GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ $ 59,880 $ 0 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation 234,020 48,860 8,400 1,040 174,140 48,860 8,400 4,020 (I) (I) (I) (D) 0 5,060 640,000 842,000 76,420 (26,650) $1,824,090 0 0 47,000 (8,350) $108,350 640,000 (I) 842,000 (I) 29,420 (I) 18,300 (I) Total assets $ $ 23,880 (I) Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current and long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' muity 26,960 820 15,200 25,200 663,570 $ 3,080 820 14,140 0 31,400 1,060 25,200 632,170 (I) (1) (I) 20,000 134,000 1,031,400 58,940 (132,000) $1.824.090 34,150 0 114,000 (I) 1,031,400 (I) 24,790 (I) (132,000) (I) $108.350 Check my work ------- -- -- - - 1-- -1 Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 134,000 1,031,400 58,940 (132,000) $1,824,090 20,000 0 34,150 114,000 (I) 1,031,400 (I) 24,790 (I) (132,000) (I) $108,350 Additional Information for 2022: 1. Land of $640,000 was obtained by issuing a note payable to the seller. 2. Buildings of $842,000 and equipment of $29,420 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $7,830. 4. Issued common stock for $1,140,000. 5. Purchased 11,400 shares of treasury stock for $22 per share. 6. Sold 5,400 shares of treasury stock at $23 per share. 7. Declared and paid a cash dividend of $13,080. Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flow from operating activities Cash Flows from Investing Activities Net cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities