The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. 3 $193,810 4 points GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues : Expenses: Cost of goods sold $39,900 Operating expenses 68,480 Depreciation expense 19,350 Interest expense 10,276 Income tax expense 15,900 Total expenses Net income r References 153,906 $ 39,904 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (I) or Decrease (D) 2022 2021 $ $ 55, 260 287, 470 50,120 9,800 1,180 $ 232, 210 (1) 50,120 (1) 9,800 (I) 4,440 (D) 0 5,620 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 780,000 884,000 90,840 (28,050) $2,075,360 0 0 54,000 (8,700) $115,700 780,000 (I) 884,000 (1) 36,840 (I) 19,350 (I) $ $ 29,760 (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 33,120 890 15,900 29,400 803,256 $ 3,360 896 14,280 1,620 (1) 29,400 (I) 770,456 (I) 32,800 20,000 148,000 1,158,800 59,994 (174,000) $2,075,360 128,000 (I) 1,158, 800 (I) 25,144 (I) (174,000) (I) 34,850 $115,700 Additional Information for 2022: 4 points 1. Land of $780,000 was obtained by issuing a note payable to the seller. 2 Buildings of $884.000 and equipment of $36.840 were purchased using cash, 3. Monthly payments during the year reduced notes payable by $9.544. 4. Issued common stock for $1.280.000 5. Purchased 12.800 shares of treasury stock for $29 per share 6. Sold 6,800 shares of treasury stock at $30 per share. 7. Declared and paid a cash dividend of $14,760. References 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 Flowe For the Year Ended December 31, 2022 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities Nel cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities Nel cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities