The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues: $204,360 Expenses: Cost of goods sold $40,400 Operating expenses 74,580 Depreciation expense 20, 100 Interest expense 11,523 Income tax expense 16,400 Total expenses 163,003 Net income $ 41,357 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ 51,960 325,650 51,020 10,800 1,280 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 6,020 $ 273,690 (I) 51,020 (I) 10,800 (I) 4,740 (D) 880,000 (1) 914,000 (1) 42,140 (1) 20,100 (I) 880,000 914,000 101, 140 (29,950) $2,254,840 0 @ 59,000 (8,950) $120,950 TULAL deus 264 PALJU Liabilities and Stockholders' Equity Current liabilities: Accounts payable 37,520 Interest payable 940 Income tax payable 16,400 Other current liabilities 32,400 Notes payable (current and long-term) 903,033 Stockholders' equity: Common stock 158,000 Paid-in capital 1,249,800 Retained earnings 60,747 Treasury stock (204,000) Total liabilities and stockholders' equity $2,254,840 $ 3,560 940 14,380 @ 33,800 $ 33,960 (1) 2,020 (1) 32,400 (1) 869,233 (I) 138,000 (1) 1,249,800 (1) 25,397 (I) (204,000) (1) 20,000 35,350 $120,950 Additional Information for 2022: 1. Land of $880,000 was obtained by issuing a note payable to the seller. 2. Buildings of $914,000 and equipment of $42,140 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $10,767. 4. Issued common stock for $1,380,000 5. Purchased 13,800 shares of treasury stock for $34 per share. 6. Sold 7,800 shares of treasury stock at $35 per share. 7. Declared and paid a cash dividend of $15,960. Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the Indirect method. (List cash outflows and decrease in cash as negative amounts.) Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net loss Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Increase in inventory Increase in other current assets Increase in accounts payable Increase in income tax payable $ 0 Net cash flow from operating activities Cash Flows from Investing Activities Purchase of land Purchase of buildings 0 Net cash flow from investing activities Cash Flows from Financing Activities Issued notes payable Repayment of notes payable FOLLOW HUHUDIQUITY OUVIDO Cash Flows from Investing Activities Purchase of land Purchase of buildings 0 Net cash flow from investing activities Cash Flows from Financing Activities Issued notes payable Repayment of notes payable Issued common stock Purchased treasury stock Sale of treasury stock Payment of dividends Net cash flows from financing activities 0 0 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $ 0