Current Attempt in Progress Current Attempt in Progress ort Presented below are the financial statements of Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets 2022 Cash $ 101,500 Accounts receivable 58,000 Inventory 81,200 Property, plant, and equipment 174,000 Accumulated depreciation (92.800) Total $321.900 2021 $58,000 40,600 58,000 226,200 (69,600) $313,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable $ 55,100 $ 43,500 20,300 23,200 49,300 95.700 52,200 40,600 145,000 110.200 $321,900 $313.200 Common stock Retained earnings Total Waterway Industries Income Statement For the Year Ended December 31, 2022 Sales revenue $701.800 Cost of goods sold 507,500 Waterway Industries Income Statement For the Year Ended December 31, 2022 Sales revenue $701.800 507,500 Cost of goods sold Gross profit 194.300 Selling expenses $52,200 17.400 Administrative expenses 69.600 Income from operations 124.700 Interest expense 8.700 Income before income taxes 116,000 Income tax expense 23.200 Net income $ 92.800 Additional data: 1. Depreciation expense was $50.750. 2. Dividends declared and paid were $58.000. 3. During the year equipment was sold for $24,650 cash. This equipment cost $2.200 originally and had accumulated depreciation of $27.550 at the time of sale. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis 3. (15,0000 Waterway Industries Statement of Cash Flows Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with elther a sign .g.-15,00 Waterway Industries Statement of Cash Flows Adjustments to reconcile net income to