The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below.

Additional Information for 2022:

1. Land of $500,000 was obtained by issuing a note payable to the seller.

2. Buildings of $800,000 and equipment of $22,000 were purchased using cash.

3. Monthly payments during the year reduced notes payable by $6,117.

4. Issued common stock for $1,000,000.

5. Purchased 10,000 shares of treasury stock for $15 per share.

6. Sold 4,000 shares of treasury stock at $16 per share.

7. Declared and paid a cash dividend of $11,400.

Required:

Prepare the statement of cash flows for the year ended December 31, 2022, using the indirect method.

GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues: $164,270 Expenses: Cost of goods sold $38,500 Operating expenses Depreciation expense Interest expense 51,400 17,250 6,785 Income tax expense 14,500 Total expenses 128,435 Net income $ 35,835