The Income statement, balance sheets, and additional Information for Great Adventures, Inc., are provided below. $187,480 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues: Expenses: Cost of goods sold $39,688 Operating expenses 64.828 Depreciation expense 18,988 Interest expense 9.528 Income tax expense 15,689 Total expenses Net Income 148,448 $ 39, e32 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2821 2022 2021 Increase (I) or Decrease (D) Assets Current assets: $ $ 57.240 $ Accounts receivable Inventory Other current assets Long-term assets: 264,564 49, 580 9.200 1,120 207,324 49,588 9.200 4,260 (I) (I) (1) (D) 5,388 Buildings Equipment Accumulated depreciation Total assets 728,888 866.280 84,660 (27,450) $1,967,674 728,888 (I) 866,888 (I) 33,66 (I) 18,982 (I) 51,080 (8,550) $112,55 $ $ 3,248 $ 27,248 (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' equity 38,488 960 15,682 27,600 743,392 14,220 32,200 28,888 142,800 1,104,200 59,542 156.000) $1,967,674 1,388 (I) 27,600 (I) 711, 192 (I) 122,888 (I) 1.104,200 (1) 24,992 (I) (156,880) (I) 34,55 2 $112,55 Additional Information for 2022: 1. Land of $720,000 was obtained by Issuing a note payable to the seller. 2. Buildings of $866,000 and equipment of $33.660 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $8.808. 4. Issued common stock for $1,220,000. 5. Purchased 12,200 shares of treasury stock for $26 per share. 6. Sold 6,200 shares of treasury stock at $27 per share. 7. Declared and paid a cash dividend of $14,040. 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.) Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net income $ 39,032 Adjustments to reconcile net income to net cash Hows from operating activities: $ 39,032 Net cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities 0 39.032 Net cash flows from financing activities Net increase in cash Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities 57 240 08 272 $