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The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. $185,370 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenuest Expenses Cost of goods sold $39,500 Operating expenses 63,600 Depreciation expense 18,750 Interest expense 9,279 Income tax expense 15,500 Total expenses Bet income 146,629 $ 38,741 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (1) or Decrease $57.900 Assets Current assetst Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets 5 256,928 49,400 9,000 1,100 $399,028 (1) 49.400 (1) 9,000 (1) 4,200 (D 0 5.300 700,000 860,000 82,600 (27,250) $2.931,778 50.000 8,500) 5111,500 700.000 (1) 860,000 (I) 32,600 (1) 18,750 (1) 5 $ 26,400 (1) Liabilities and Stockholders Equity Current liabilities: Accounts payable terest payable Income tax payable Other current Liabilities Notes payable (current and long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders equity 29,600 850 15,500 27,000 723,437 2,200 850 24,200 1,300 (2) 27.000 (2) 691,437 (I) 32,000 20,000 140,000 1,086,000 59,391 (250,000) $1,931,778 34. 450 120,000 (1) 1,086,000 (2) 24,941 (1) (150,000) ( $111.500 Additional Information for 2022: 1. Land of $700,000 was obtained by issuing a note payable to the seller. 2. Buildings of $860,000 and equipment of $32,600 were purchased using cash. 3. Monthly payments during the year reduced notes payable by $8,563. 4. Issued common stock for $1.200,000 5. Purchased 12,000 shares of treasury stock for $25 per share. 6. Sold 6,000 shares of treasury stock at $26 per share. 7. Declared and paid a cash dividend of $13,800. Required: Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) GREAT ADVENTURES, INC. Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense Increase in income tax payable Net cash flow from operating activities Cash Flows from Investing Activities $ 0 Net cash flow from investing activities Cash Flows from Financing Activities 0 Net cash flows from financing activities 0 0 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $ 0

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