The following are comparative balance sheets for Mitch Company.

Additional information: 

1. Net income for 2022 was $93,000. 

2. Depreciation expense was $34,000. 

3. Cash dividends of $39,000 were declared and paid. 

4. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 

5. Common stock was issued for $42,000 cash. 

6. No equipment was sold during 2022. 

7. Land was sold for its book value. 

Instructions 

Prepare a statement of cash flows for 2022 using the indirect method.

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Mitch Company Comparative Balance Sheets December 31 Assets 2022 2021 $ 68,000 $ 22,000 Cash Accounts receivable 88,000 76,000 Inventory Land 167,000 189,000 100,000 80,000 Equipment Accumulated depreciation-equipment 260,000 200,000 (66,000) (32,000) Total $597,000 $555,000 Liabilities and Stockholders' Equity $ 39,000 $ 43,000 Accounts payable Bonds payable Common stock ($1 par) Retained earnings 150,000 200,000 216,000 174,000 192,000 138,000 Total $597,000 $555,000