worknotes please

Question 33 Concord Corporation 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 Concord Corporation for 2022 and 2021 are provided below. BALANCE SHEETS 12/31/22 12/31/21 Cash $408000 $ 190000 Accounts receivable 358000 217000 Inventory 386000 479000 Property, plant and equipment $609000 $960000 Less accumulated (322000) 287000 depreciation (305000) 655000 $1439000 $1541000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 177000 351000 360000 206500 344500 $1439000 $ 94000 390000 599000 217000 241000 $1541000 $8410000 7151000 1259000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue Cost of sales Gross profit Selling expenses $600000 Administrative expenses 191000 Income from operations Interest expense Income before taxes Income taxes Net income 791000 468000 74000 394000 98500 $ 295500 The following additional data were provided: 1. Dividends for the year 2022 were $192000. 2. During the year, equipment was sold for $238000. This equipment cost $352000 originally and had a book value of $287000 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. Under the direct method, the total taxes paid is O $98500. O $39000. $137500. $ $54000