Current Attempt in Progress

Presented below are the financial statements of Blue Spruce Company. Blue Spruce Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 91,000 $ 52,000 Accounts receivable 52,000 36,400 Inventory 72,800 52,000 Property, plant, and equipment 156,000 202,800 Accumulated depreciation 83,200 (62,400 Total $288,600 $280,800 Liabilities and Stockholders' Equity Accounts payable $ 49.400 $ 39,000 Income taxes payable 18,200 20,800 Bonds payable 44,200 85,800 Common stock 46,800 36,400 Retained earnings 130,000 98,800 Total $288,600 $280,800 Blue Spruce Company Income Statement For the Year Ended December 31, 2022 Sales revenue 5629,200 Cost of goods sold 455,000 Gross profit 174,200 Selling expenses $46.800 Administrative expenses 15,600 52,400 Income from operations 111,800 Interest expense 7,800 Income before income taxes 104,000 Income tax expense 20,800 Net income $ 83,200 Additional data: 1. Depreciation expense was $45,500. Dividends declared and paid were $52,000. During the year equipment was sold for $22, 100 cash. This equipment cost $46,800 originally and had accumulated depreciation of $24,700 at the time of sale.Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a - sign e-g. -15,000 or in parenthesis e.g. (15,000).) Blue Spruce Company Statement of Cash Flows For the Year Ended December 31, 2022 v Cash Flows from Operating Activities V Net Income 93.200 Adjustments to reconcile net Income to 45,500 15,600 20.800 10,400