Chapter $16$ Assignment $(5$s$)$

$\backslash$table$[[,$Comparative Balance Sheet Information,December $31],[,,2023,,2022],[$Cash$,$$$,107,680,$$$,167,640],[$Accounts receivable,,$141,600,,107,160],[$Merchandise inventory,,$609,200,,561,600],[$Prepaid expenses,,$12,000,,14,000],[$Equipment$,,356,480,,242,400],[$Accumulated depreciation,,$73,560,,94,560],[$Accounts payable,,$191,560,,272,440],[$Current notes payable,,$18,400,,10,000],[$Notes payable,$=,210,000,,119,600],[$Common shares,,$446,800,,346,000],[$Retained earnings,,$286,640,,250,200]]$

Additional information regarding ICE Drilling's activities during $2023$:

Loss on sale of equipment is $$10,680.$

Paid $$69,480$ to reduce a long$-$term note payable.

Equipment costing $$101,000,$ with accumulated depreclation of $$59,000,$ is sold for cash.

Equipment costing $$215,080$ is purchased by paying cash of $$55,200$ and signing a long$-$term note payi

Borrowed $$8,400$ by signing a short$-$term note payable.

Issued $10,080$ common shares for cash at $$10$ per share.

Declared and paid cash dividends of $$138,360.$

Required:

Prepare a statement of cash flows for $2023$ that reports the cash inflows and outflows from operating activi Indirect method. $($List any deduction in cash and cash outflows as negatlve amounts.$)$