#3 - Statement of Cash Flows Problem (16 points) Please prepare a 2022 Statement of Cash Flows for Didi Company using the financial statements and additional information provided below using the Indirect Method. Balance Sheet 2022 2021 Cash $ 850,000 $ 675,000 Accounts Receivable 1,700,000 1,365,000 Inventory 3,650,000 3,425,000 Prepaid Rent 450,000 420,000 Land 1,000,000 2,000,000- Equipment 2,000,000 1,500,000 Accumulated Depreciation - Equipment (505,000) (300,000) Building I 24,000,000 24,000,000 Accumulated Depreciation - Building (7,200,000) (6,600,000) Total Assets $ 25,945,000 $ 26,485,000 Accounts Payable 745,000 $ 625,000 Interest Payable 560,000 460,000 Income Tax Payable 180,000 72,000 Deferred Revenue 230,000 143,000 Notes Payable 6,200,000 4,000,000 Common Stock 14,000,000 14,000,000 Treasury Stock Retained Earnings Total Liabilities/SH Equity $ 25,945,000 $ 26,485,000 (1,000,000) 5,030,000 7,185,000 Income Statement Revenues Expenses: Cost of Sales Operating Expenses Depreciation Expense 2022 $ 16,100,000 9,660,000 4,025,000 805,000 Gain on Sale of Land (250,000) Interest Expense 480,000 Income Tax Expense 220,000 Net Income $ 1,160,000 Additional Information - 2022 1. Sold Land costing $1,000,000 for cash proceeds of $1,250,000 resulting in a Gain on Sale of Land of $250,000 2. Purchased $500,000 in equipment during the year 3. Issued an additional Notes Payable of 2,500,000 4. Paid down $300,000 on the Notes Payable in 2022 5. Depreciation expense for the Equipment = $205,000 and Depreciation Expense on the Building = $600,000 6. Purchased Treasury Stock totaling $1,000,000 7. Declare and pay a cash dividend of $3,315,000