Condensed financial data of Granger Inc. follow.

Additional information: 

1. New plant assets costing $100,000 were purchased for cash during the year. 

2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. 

3. Bonds payable matured and were paid off at face value for cash. 

4. A cash dividend of $26,030 was declared and paid during the year. 

Instructions 

Prepare a statement of cash flows using the indirect method.

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Granger Inc. Comparative Balance Sheets December 31 Assets 2022 2021 $ 80,800 $ 48,400 Cash Accounts receivable 87,800 38,000 Inventory Prepaid expenses Long-term investments 112,500 102,850 28,400 26,000 138,000 109,000 Plant assets 285,000 (50,000) 242,500 (52,000) Accumulated depreciation Total $682,500 $514,750 Liabilities and Stockholders' Equity $ 67,300 Accounts payable Accrued expenses payable Bonds payable $102,000 16,500 21,000 110,000 146,000 Common stock 220,000 175,000 Retained earnings 234,000 105,450 Total $514,750 $682,500 Granger Inc. Income Statement Data For the Year Ended December 31, 2022 Sales revenue $388,460 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense $135,460 12,410 46,500 27,280 4,730 Loss on disposal of plant assets 7,500 233,880 Net income $154,580