View Polides Current Attempt in Progress The comparative balance sheets for Sage Hill Corporation appear below SAGE HILL CORPORATION Comparative Balance Sheet Assets 2022 544,700 B1500 Cash Accounts recevable Inet) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Totalliabilities and stockholder's equity 27.300 16 500 27500 18.700 $228,800 2021 $35.000 63.000 17400 51.000 64,500 (13.000 $217,900 $17.000 25.900 141.000 44.900 $228,800 $7,800 16,900 120.000 73 200 $217.900 Additional information Net loss for 2022 $12000. Net sales for 2022 are $280.000, Gash dividends of $24/600 were dedared and paldin 2022 3 Land was sold for cash at a loss of $2.700. This was the only land transaction during the year Equipment with a cost of $18.600 and accumulated depreciation of $10.800 was sold for $7.800 cash. 5 $14,800 of bonds were retired during the year at carrying ook value. 6 Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $30,000 Prepare a statement of cash flows for the year ended December 31 2022 using the indirect method. (Show amounts that decrease cash flow with either aris-15.000 or in parentheses (15,0001. Do not leave any on wereld blank Enter for amounts.) SAGE HILL CORPORATION Statement of Cash Flows Adjustments to reconcile net income to 5 > > C The comparative balance sheets for Sage Hill Corporation appear below: SAGE HILL CORPORATION Comparative Balance Sheet Assets Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total assets Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholder's equity 2022 $44,700 81,500 27,300 16,500 77,500 (18,700 $228,800 2021 $35,000 63,000 17,400 51,000 64,500 (13,000) $217,900 $17,000 25,900 141,000 44.900 $228,800 $7,800 16,900 120,000 73,200 $217.900 Additional information: 1. Net loss for 2022 is $12,000. Net sales for 2022 are $280,000. 2 Cash dividends of $24,600 were declared and paid in 2022. 3. Land was sold for cash at a loss of $2,700. This was the only land transaction during the year. 4. Equipment with a cost of $18,600 and accumulated depreciation of $10,800 was sold for $7,800 cash. 5. $14,800 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $30,000. Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign 6.g. -15,000 or in parenthesis es. (15,000). Do not leave any answer field blank. Enter Ofor amounts.) SAGE HILL CORPORATION Statement of Cash Flows Adjustments to recandle net income to V C > >