Graphic Company, Inc., has the following comparative balance sheet as of March 31, 2023.

Selected transaction data for the year ended March 31, 2023, include the following:a. Net income, $76,800b. Paid long-term note payable with cash, $59,600c. Cash payments to employees, $42,700d. Loss on sale of land, $9,200e. Acquired equipment by issuing long-term note payable, $14,200f. Cash payments to suppliers, $145,600g. Cash paid for interest, $3,000h. Depreciation expense on equipment, $13,100i. Paid short-term note payable by issuing common stock, $5,300j. Paid cash dividends, $45,600k. Received cash for issuance of common stock, $2,200l. Cash received from customers, $295,200m. Cash paid for income taxes, $11,600n. Sold land for cash, $52,300o. Interest received (in cash), $1,800p. Purchased long-term investment for cash, $2,900

Requirements1. Prepare the statement of cash flows for Graphic Company, Inc., for the year ended March 31, 2023, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts except short-term notes payable result from operating transactions.2. Also prepare a schedule of cash flows from operations using the direct method.

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1 2 3. 4 5 Current assets: 6 Cash 7 Accounts receivable 8 Inventory 9 Prepaid insurance 10 Total current assets 11 12 Land 13 Equipment, net 14 Investments 15 Total assets Assets 16 17 18 Current liabilities: 19 Accounts payable 20 Note payable, short-term 21 Income tax payable 22 Salary payable 23 Interest payable 24 Accrued liabilities Total current liabilities Liabilities 25 26 27 Long-term liabilities 28 Total liabilities 29 Stockholders' equity 30 31 Common stock 32 Retained earnings 33 Total stockholders' equity 34 35 Total liabilities and equity 36 Graphic Company, Inc. Comparative Balance Sheets March 31, 2023 and 2022 2023 1$ $ $ $ Ś 55,400 $ 51,600 64,900 4,100 176,000 $ 34,000 71,500 9,800 291,300 $ 4,900 $ 43,200 13,800 9,400 8,200 2,600 82,100 $ 48,300 130,400 $ 69,400 91,500 160,900 $ 291,300 $ B 2022 14,900 53,300 59,800 5,300 133,300 95,500 70,400 6,900 306,100 3,500 48,500 15,100 12,400 7,000 3,700 90,200 93,700 183,900 61,900 60,300 122,200 306,100 C Increase (Decrease) 40,500 (1,700) 5,100 (1,200) (61,500) 1,100 2,900 1,400 (5,300) (1,300) (3,000) 1,200 (1,100) (45,400) 7,500 31,200