Vaughn Manufacturing has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Vaughn Manufacturing for 2022 and 2021 are provided below. BALANCE SHEETS 12/31/22 Cash $410000 Accounts receivable 360000 Inventory 383000 12/31/21 $193000 217000 479000 Property, plant and equipment $606000 $959000 Less accumulated depreciation (318000 ) 288000 (304000 ) 655000 $1441000 $1544000 Accounts payable $178000 $ 98000 Income taxes payable 350000 393000 Bonds payable 360000 601000 Common stock 203750 214000 Retained earnings 349250 238000 $1441000 $1544000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue $8420000 Cost of sales 7151000 Gross profit 1269000 Selling expenses $601000 Administrative expenses 194000 795000 Income from operations 474000 Interest expense 71000 Income before taxes 403000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue $8420000 Cost of sales 7151000 Gross profit 1269000 Selling expenses $601000 Administrative expenses 194000 795000 Income from operations 474000 Interest expense 71000 Income before taxes 403000 Income taxes Net income 100750 $ 302250 The following additional data were provided: 1. Dividends for the year 2022 were $191000. 2. During the year, equipment was sold for $240000. This equipment cost $353000 originally and had a book value of $288000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. The net cash provided (used) by investing activities is $240000. O $(288000). $(353000). $48000. Save for Later Attempts: 0 of 1 used Submit