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Problem 12-09A Condensed financial data of Waterway Industries follow. Waterway Industries Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 129,280 $ 77,440 Accounts receivable 140,480 60,800 Inventory 180,000 164,560 Prepaid expenses 45,440 41,600 Long-term investments 220,800 174,400 Plant assets 456,000 388,000 Accumulated depreciation (80,000 ) (83,200 ) Total $1,092,000 $823,600 Liabilities and Stockholders' Equity Accounts payable $ 163,200 $ 107,680 Accrued expenses payable 26,400 33,600 Bonds payable 176,000 233,600 Common stock 352,000 280,000 Retained earnings 374,400 168,720 Total $1,092,000 $823,600 Waterway Industries Income Statement Data For the Year Ended December 31, 2022 Sales revenue $621,536 Less Cost of goods sold $216,736 Operating expenses, excluding depreciation 19,856 Depreciation expense 74,400 Income tax expense 43,648 Interest expense 7,568 Loss on disposal of plant assets 12,000 374,208 Net income $ 247,328 Additional information: New plant assets costing $160,000 were purchased for cash during the year. Old plant assets having an original cost of $92,000 and accumulated depreciation of $77,600 were sold for $2,400 cash. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $41,648 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 (15,000).) Waterway Industries Statement of Cash Flows Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work