Shown below are comparative balance sheets for Novak Company. Novak Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash Accounts receivable Inventory Land $ 39,600 136,800 340,200 $ 122,400 158,400 300,600 144,000 468,000 (118,800) $1,074,600 180,000 Equipment Accumulated depreciation-equipment Total 360,000 (57,600) $999,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 70,200 270,000 388,800 345,600 $1,074,600 $ 77,400 360,000 313,200 248,400 $999,000 Additional information: Additional information: 1. 2. 3. 4. Net income for 2022 was $167,400. Depreciation expense was $61,200. Cash dividends of $70,200 were declared and paid. Bonds payable amounting to $90,000 were redeemed for cash $90,000. Common stock was issued for $75,600 cash. No equipment was sold during 2022. Land was sold for its book value. 5. 6. 7. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -45,000, or in parenthesis e.g. (45,000)). Novak Company Statement of Cash Flows $ Adjustments to reconcile net income to $ $