Prepare a statement of cash flows using the indirect method.

Journalize the transactions and the closing entry for net income

Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts.

Presented here are the financial statements of Monty Company. Monty Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37,600 $20,700 Accounts receivable 32,200 18,000 Inventory 29,800 20,200 Property, plant, and equipment 59,800 77,100 Accumulated depreciation (29,600 ) (23,200) Total $129,800 $112,800 Liabilities and Stockholders' Equity Accounts payable $28,700 $16,900 Income taxes payable 7,500 8,000 Bonds payable 26,200 33,200 Common stock 19,000 13,200 Retained earnings 48,400 41,500 Total $129,800 $112,800 Monty Company Income Statement For the Year Ended December 31, 2022 Sales revenue $242,800 Cost of goods sold 176,500 Gross profit 66,300 Selling expenses $17,925 Administrative expenses 5,975 23,900 Income from operations 42,400 Interest expense 3,900 Income before income taxes 38,500 Income tax expense 7,700 Net income $30,800 Additional data: 1. Depreciation expense was $16,100. 2. Dividends declared and paid were $23,900. 3. During the year equipment was sold for $7,600 cash. This equipment cost $17,300 originally and had accumulated depreciation of $9,700 at the time of sale. 1. Depreciation expense was $16,100. 2. Dividends declared and paid were $23,900. 3. During the year equipment was sold for $7,600 cash. This equipment cost $17,300 originally and had accumulated depreciation of $9,700 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 e.g. -15,000 or in parenthesis e.g. (15,000).) Monty Company Statement of Cash Flows - Indirect Method $ Adjustments to reconcile net income to $ A A