The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $ 193,810 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 153,906 $ 39,904 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) $ $ 55,260 $ 287, 470 50, 120 9,800 1,180 232, 210 50, 120 9,800 4,440 (I) (I) (I) (D) 5,620 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 0 0 780,000 884,000 90,840 (28,050) $ 2,075,360 780,000 (I) 884,000 (I) 36,840 (I) 19,350 (1) 54,000 (8,700) $115,700 $ $ $ 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 3,360 890 14,280 0 32,800 1,620 29,400 770, 456 (1) (I) (I) 148,000 1,158,800 59,994 (174,000) $2,075,360 20,000 0 34,850 0 $115, 700 128,000 (1) 1,158, 800 (I) 25,144 (I) (174,000) (I) Additional Information for 2022: 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. 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 Net income 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 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 $ 0