View Policies Current Attempt in Progress Condensed financial data of Splish Brothers Inc. follow. Splish Brothers Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 218,160 $ 130,680 102,600 Accounts receivable 237,060 Inventory 303,750 277,695 Prepaid expenses 76,680 70,200 Long-term investments 372,600 294,300 Plant assets 769,500 654,750 Accumulated depreciation (135,000) $1,842,750 (140,400) $1,389,825 Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable $ 275,400 44,550 297,000 594,000 $ 181,710 56,700 394.200 472,500 Bonds payable Common stock Retained earnings 631,800 284,715 Total $1.842,750 $1,389,825 Retained earnings 631,800284,715 Total $1,842.750 $1,389.825 Splish Brothers Inc. Income Statement Data For the Year Ended December 31, 2022 Sales revenue $1,048,842 Less Cost of goods sold $365,742 Operating expenses, excluding depreciation 33,507 Depreciation expense 125,550 73,656 Income tax expense Interest expense 12,771 Loss on disposal of plant assets 20,250 631,476 Net income $417,366 Additional information: 1. New plant assets costing $270,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $155,250 and accumulated depreciation of $130,950 were sold for $4,050 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $70,281 was declared and paid during the year. Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a sign .g. -15,000 or in parenthesis e.g. (15,000).) march & Enroll Splish Brothers Inc. Statement of Cash Flows Adjustments to reconcile net income to