The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $202,250 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues: Expenses : Cost of goods sold $40,300 Operating expenses 73,360 Depreciation expense 19,950 Interest expense 11,274 Income tax expense 16,300 Total expenses Net income 161, 184 $ 41,066 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ 52,620 $ 318,014 50, 840 10,600 1,260 265,394 50,840 10,600 4,680 (I) (I) (I) (D) 5,940 Assets Current assets! Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 860,000 900,000 99,080 (28,850) $2,218,944 860,000 908,000 41,080 19.950 (I) (1) (I) (1) 58,000 (8,900) $119,900 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 36,640 $ 3,520 $ 33,120 (I) Saved The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $202,250 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues : Expenses : Cost of goods sold $40,300 Operating expenses 73,360 Depreciation expense 19,950 Interest expense 11,274 Income tax expense 16,300 Total expenses Net income 1161, 184 $ 41,066 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (1) OF Decrease (D) 2022 2021 $ $ 52,620 $ 318,014 50,840 10,600 1,260 265,394 (1) 50,840 (1) 10,600 (1) 4,680 (D) 5,940 Assets Current assets: Cash Accounts receivable Inventory Other current assets. Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 860,000 908,000 99,080 (28,850) $2,218,944 860,000 ) 908,000 (1) 41,080 (1) 19,950 (1) 58,000 8,900) $119,900 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ $ 3,520 $ 33,120 (1) 36,640 930 ale GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 Increase (I) or Decrease (D) $ $ 52,620 $ 318,014 50,840 10,600 1,260 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 265,394 (I) 50,840 (1) 10,600 (1) 4,680 (D) 5,940 860,000 908,000 99,080 (28,850) $2,218,944 860,000 (1) 908,000 (1) 41,080 (1) 19,950 (1) 58,000 (8,900) $119,900 $ $ 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 36,640 930 16,300 31,800 883,078 3,520 930 14,360 0 33,600 33,120 (1) 1,940 (I) 31,800 (1) 849,478 (1) 156,000 1,231,600 60,596 (198,000) $2,218,944 20,000 0 35,250 136,000 (I) 1,231, 600 (1) 25,346 (I) (198, 000) (I) $119,900 Additional Information for 2022: in nate navable to the seller. Additional Information for 2022: 1. Land of $860,000 was obtained by issuing a note payable to the seller. 2. Buildings of $908,000 and equipment of $41,080 were purchased using cash 3. Monthly payments during the year reduced notes payable by $10,522. 4. Issued common stock for $1,360,000. 5. Purchased 13,600 shares of treasury stock for $33 per share. 6. Sold 7,600 shares of treasury stock at $34 per share. 7. Declared and paid a cash dividend of $15,720. 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 Cash Flows from Operating Activities Adiustments 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 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