Ocean Freight, Inc. Income Statement For year ended, \$ thousands Revenue Cost of revenue Gross profit Product development Marketing and administrative Amortization of intangibles Restructuring and other, net Total operating expenses Income from operations Interest income Interest expense Other, net Other expense, net Income before income taxes (Benefit) provision for income taxes Net income \begin{tabular}{cccc} \multicolumn{2}{c}{ActualDec.2022} & ProjectedDec.2023 \\ \hline$ & 10,390 & $ & 10,910 \\ & 7,458 & & 7,833 \\ \hline$ & 2,932 & $ & 3,077 \\ & 991 & & 1,036 \\ & 453 & & 480 \\ & 23 & & 23 \\ & (22) & - \\ \hline$ & 1,445 & $ & 1,539 \\ & 1,487 & & 1,538 \\ & 84 & & 84 \\ & (224) & & (224) \\ & 25 & & 25 \\ \hline$ & (115) & $ & (115) \\ \hline$ & 1,372 & $ & 1,423 \\ & (640) & & 299 \\ \hline$ & 2,012 & $ & 1,124 \\ \hline \hline \end{tabular} Ocean Freight, Inc. Balance Sheet \$ thousands Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Property, equipment and leasehold improvement Goodwill Other intangible assets, net Deferred income taxes Other assets,net Total Assets Current liabilities Accounts payable Accrued employee compensi: 5 Stamp Accrued warranty Accrued expenses Total current liabilities Long-term accrued warranty Long-term accrued income taxes Other noncurrent liabilities Long-term debt, less current portion Total Liabilities Shareholders' equity Ordinary shares - par value $00001,26 billion shares authorized Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total shareholders' equity Total liabilities and shareholders' equity Supplemental Information Depreciation expense (included in operating expenses) Stock-based compensation Amortization expense Capital expenditures Dividends \begin{tabular}{crrr} $ & 1,420 & $ & 1,495 \\ & 169 & & 175 \\ & 91 & & 98 \\ & 552 & & 578 \\ \hline$ & 2,232 & $ & 2,346 \\ & 104 & & 109 \\ & 4 & & 4 \\ & 130 & & 142 \\ & 4,253 & & 4,253 \\ \hline$ & 6,723 & $ & 6,854 \end{tabular} Basics The income statement and balance sheet for Ocean Freight, Inc. for the year ended December 2022 and the forecasted income statement and balance sheet for the year ended December 2023 are provided on the following page. Required 1. Prepare a cash flow worksheet to generate the statement of cash flows for December 2023 using the indirect method. 2. Based upon Ocean Freight Inc.'s financial statements and the cash flow worksheet from item 1 above, generate the cash flow statement in proper form for December 2023 using the indirect method. Ocean Freight, Inc. Income Statement For year ended, \$ thousands Revenue Cost of revenue Gross profit Product development Marketing and administrative Amortization of intangibles Restructuring and other, net Total operating expenses Income from operations Interest income Interest expense Other, net Other expense, net Income before income taxes (Benefit) provision for income taxes Net income \begin{tabular}{cccc} \multicolumn{2}{c}{ActualDec.2022} & ProjectedDec.2023 \\ \hline$ & 10,390 & $ & 10,910 \\ & 7,458 & & 7,833 \\ \hline$ & 2,932 & $ & 3,077 \\ & 991 & & 1,036 \\ & 453 & & 480 \\ & 23 & & 23 \\ & (22) & - \\ \hline$ & 1,445 & $ & 1,539 \\ & 1,487 & & 1,538 \\ & 84 & & 84 \\ & (224) & & (224) \\ & 25 & & 25 \\ \hline$ & (115) & $ & (115) \\ \hline$ & 1,372 & $ & 1,423 \\ & (640) & & 299 \\ \hline$ & 2,012 & $ & 1,124 \\ \hline \hline \end{tabular} Ocean Freight, Inc. Balance Sheet \$ thousands Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Property, equipment and leasehold improvement Goodwill Other intangible assets, net Deferred income taxes Other assets,net Total Assets Current liabilities Accounts payable Accrued employee compensi: 5 Stamp Accrued warranty Accrued expenses Total current liabilities Long-term accrued warranty Long-term accrued income taxes Other noncurrent liabilities Long-term debt, less current portion Total Liabilities Shareholders' equity Ordinary shares - par value $00001,26 billion shares authorized Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total shareholders' equity Total liabilities and shareholders' equity Supplemental Information Depreciation expense (included in operating expenses) Stock-based compensation Amortization expense Capital expenditures Dividends \begin{tabular}{crrr} $ & 1,420 & $ & 1,495 \\ & 169 & & 175 \\ & 91 & & 98 \\ & 552 & & 578 \\ \hline$ & 2,232 & $ & 2,346 \\ & 104 & & 109 \\ & 4 & & 4 \\ & 130 & & 142 \\ & 4,253 & & 4,253 \\ \hline$ & 6,723 & $ & 6,854 \end{tabular} Basics The income statement and balance sheet for Ocean Freight, Inc. for the year ended December 2022 and the forecasted income statement and balance sheet for the year ended December 2023 are provided on the following page. Required 1. Prepare a cash flow worksheet to generate the statement of cash flows for December 2023 using the indirect method. 2. Based upon Ocean Freight Inc.'s financial statements and the cash flow worksheet from item 1 above, generate the cash flow statement in proper form for December 2023 using the indirect method