Current Attempt in Progress Presented here are the financial statements of Lily Company. LILY COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37,400 $19,100 Accounts receivable 32,000 19,700 Inventory 29,600 20,100 Property, plant, and equipment 59,600 78,000 Accumulated depreciation (29,600) (23,500) Total $129,000 $113,400 Liabilities and Stockholders' Equity Accounts payable $28,100 $16,000 Income taxes payable 7,000 8,100 Bonds payable 27,400 32,200 Common stock 18,300 13,300 Retained earnings 48,200 43,800 Total $129,000 $113,400 LILY COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $242,400 Cost of goods sold 176,800 Gross profit 65,600 Selling expenses $17,550 Administrative expenses 5,850 23,400 Income from operations 42,200 Interest expense 3,000 Income before income taxes 39,200 Income tax expense 7,840 Net income $31,360 Additional data: 1. Depreciation expense was $14,700. 2. Dividends declared and paid were $26,960. 3. During the year, equipment was sold for $9,800 cash. This equipment originally cost $18,400 and had accumulated depreciation of $8,600 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000)) Adjustments to reconcile net income to LILY COMPANY Statement of Cash Flows $