The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below $170,600 GREAT ADVENTURES, INC Income Statement For the year ended December 31, 2022 Net revenuest Expenses: Cost of goods sold $38,500 Operating expenses 55,050 Depreciation expense 17,700 Interest expense 7,533 Income tax expense 14,800 Total expenses Net Income 133,893 536,707 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (1) or Decrease CD) $ 62,520 Assets Current assets Cash Accounts receivable Inventory Other current assets 5203,475 40,140 7.600 900 5.140.956 (1) 48,201 7,600 (1 3.780 0 0 4,740 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (1) or Decrease (0) 2022 2021 $ 62,520 $203,476 435, 140 7.600 960 $ 140,956 (1) 48,140 (1) 7,600 (1) 3.780 (D) 4,740 Assets Current assets Cash Accounts receivable Inventory Other current assets Long-term assets Land Buildings Equipment Accumulated depreciation Total assets 560,000 818,000 68,180 (25,850 $1,680,566 43,000 (8,150 5104,15e 560, een (1) 818,000 (1) 25,150 (1) 17,700 (1) 5 $ 29,52 (I) Habilities 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 Paldin capital Retained earnings 23,440 780 14,800 22,800 583,749 $ 2,920 780 14,060 740 (1) 22,800 (1) 553, 149 (1) 30,500 20,000 125,000 955,600 58,337 106,000 (1) 958, 600 (1) 24,507 (1) 33,750 $ 20,520 (1) 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 23,440 780 14,800 22,300 583,749 $ 2,920 780 14,060 @ 30,600 740 (1) 22,800 (1) 553, 149 (1) 126,000 958, 600 58,337 (103,000) $1,680,506 20,000 0 33,250 106,000 (1) 958, 600 (I) 24,587 (1) (188,000) (1) $104,150 Additional Information for 2022: 1. Land of $560,000 was obtained by issuing a note payable to the seller 2. Buildings of $818,000 and equipment of $25,180 were purchased using cash 3. Monthly payments during the year reduced notes payable by S6,851 4. Issued common stock for $1,060,000 5. Purchased 10,600 shares of treasury stock for $18 per share. 6. Sold 4,600 shares of treasury stock at $19 per share. 7 Declared and paid a cash dividend of $12.120. Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method (List cash outflows and an decrease in cash as negative amounts.) 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 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 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