Waterway Industries Comparative Balance Sheets December 31 2021 2022 Assets $ 17,600 $ 54,400 Cash 70,400 60,800 Accounts receivable 133,600 151,200 Inventory 80,000 64,000 Land 160,000 208,000 Equipment (52,800) (25,600) Accumulated depreciation-equipment $477,600 $444,000 Total Liabilities and Stockholders' Equity Accounts payable $ 34,400 $31,200 Bonds payable 160,000 120,000 Common stock ($1 par) 172,800 139,200 Retained earnings 110.400 153,600 Total $444.000 $477.600 $477,600 Total $444,000 Additional information: Net income for 2022 was $74,400. 1. Depreciation expense was $27,200. 2. Cash dividends of $31,200 were declared and paid. 3. 4. Bonds payable amounting to $40,000 were redeemed for cash $40,000. 5. Common stock was issued for $33,600 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amo in parenthesis e.g. (45,000)). Waterway Industries Statement of Cash Flows
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