Use the following financial statements and additional information to prepare a statement of cash flows for the year ended December 31, 2022 using the indirect method. Spring is Here, Inc. Balance Sheets At December 31 2022 Assets: Cash $174,525$65,200 Accounts receivable, net Merchandise inventory 167,750144,850 Prepaid expenses 16,08012,680 Equipment 290,600245,600 Accumulated depreciation-Equipment (80.600)(97.600) Total assets $621.205$427.480 Liabilities: Accounts payable $55,270$45,450 Liabilities: Accounts payable Income taxes payable Notes payable (long term) Total liabilities $55,27010,320$9,200$124,790$45,45012,240$9.200$136,890 Equity: Common stock 200,000150,000 Paid-in capital in excess of par 53,00040,000 Retained earnings 243.415100.590 Total equity $426.415$290.590 Total liabilities and equity $621.205$427.480 Spring Is Here, Inc. Income Statement For Year Ended December 31, 2022 Sales $613,625 Cost of goods sold $222,540 Depreciation expense 25,000 Other operating expenses 106,260 Interest expense 6,400 (360,200) Other gains (losses): Gain on sale of equipment 2.850 Income before taxes 256,275 Income taxes expense 30,525 Net income $225,750 Additional Information a. Cash dividends declared and paid were $180,625. b. New equipment is purchased for $150,000 cash. c. Received $49,550 cash for the sale of equipment. d. Issued new shares of stock receiving $157,000 cash. Additional Information a. Cash dividends declared and paid were $180,625. b. New equipment is purchased for $150,000 cash. c. Received $49,550 cash for the sale of equipment. d. Issued new shares of stock receiving $157,000 cash. Use the following financial statements and additional information to prepare a statement of cash flows for the year ended December 31, 2022 using the indirect method. Spring is Here, Inc. Balance Sheets At December 31 2022 Assets: Cash $174,525$65,200 Accounts receivable, net Merchandise inventory 167,750144,850 Prepaid expenses 16,08012,680 Equipment 290,600245,600 Accumulated depreciation-Equipment (80.600)(97.600) Total assets $621.205$427.480 Liabilities: Accounts payable $55,270$45,450 Liabilities: Accounts payable Income taxes payable Notes payable (long term) Total liabilities $55,27010,320$9,200$124,790$45,45012,240$9.200$136,890 Equity: Common stock 200,000150,000 Paid-in capital in excess of par 53,00040,000 Retained earnings 243.415100.590 Total equity $426.415$290.590 Total liabilities and equity $621.205$427.480 Spring Is Here, Inc. Income Statement For Year Ended December 31, 2022 Sales $613,625 Cost of goods sold $222,540 Depreciation expense 25,000 Other operating expenses 106,260 Interest expense 6,400 (360,200) Other gains (losses): Gain on sale of equipment 2.850 Income before taxes 256,275 Income taxes expense 30,525 Net income $225,750 Additional Information a. Cash dividends declared and paid were $180,625. b. New equipment is purchased for $150,000 cash. c. Received $49,550 cash for the sale of equipment. d. Issued new shares of stock receiving $157,000 cash. Additional Information a. Cash dividends declared and paid were $180,625. b. New equipment is purchased for $150,000 cash. c. Received $49,550 cash for the sale of equipment. d. Issued new shares of stock receiving $157,000 cash