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.

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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