View Policies Current Attempt in Progress The comparative balance sheets for Novak Corp. as of December 31 are presented below. Novak Corp. Comparative Balance Sheets December 31 Assets 2022 Cash $ 88,400 Accounts receivable 65,000 Inventory 196,885 Prepaid expenses 19,864 Land 188,500 Buildings 260,000 Accumulated depreciation-buildings (78,000) Equipment 292,500 Accumulated depreciation equipment (58,500 $974,649 2021 $ 58,500 75,400 184,600 27.300 169,000 260.000 (52,000) 201,500 (45,500) $878,800 Total $ 58,149 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total 390,000 260,000 $ 46,800 390,000 208,000 234,000 $878,800 266,500 $974,649 Additional information: 1. 2. 3. Operating expenses include depreciation expense of $54,600 ($26,000 of depreciation expense for buildings and $28,600 for equipment). Land was sold for cash at book value. Cash dividends of $15,600 were paid. Net income for 2022 was $48, 100. Equipment was purchased for $119,600 cash. In addition, equipment costing $28,600 with a book value of $13,000 was sold for $10,400 cash. 52,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $52,000. 4. 5. 6. (Show amo Prepare a statement of h flows for the year ende 31, 2022, using the i decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Novak Corp. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Novak Corp Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 48,100 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ 54,600 Increase in Accounts Payable 11,349 2600 Decrease in Accounts Receivable 10400 Increase in Inventory 12285 Decrease in Prepaid Expenses 7436 74100 Net Cash Provided by Operating Activities 122200 Cash Flows from Investing Activities Purchase of Equipment (119600) Sale of Equipment 10400 Sale of Land 32500 Net Cash used by Investing Activities -76,700 Cash Flows from Financing Activities $