Problem 16-1B Preparing the statement of cash flows (indirect method) LO5, 6 eXcel CHECK FIGURE: Net cash inflow from operating activities = $168, 168 MED Supplies Inc., a software retailer, recently completed its 2023 operations. The following information is available: MED Supplies Inc. MED Supplies Inc. Income Statement Comparative Balance Sheet Information For Year Ended December 31, 2023 December 31 Sales . $1,365,840 2023 2022 Cost of goods sold ..........." 624,960 Cash... $120,792 $ 71,232 Gross profit ..... $ 740,880 Accounts receivable.. 43,512 52,080 Operating expenses: Merchandise inventory ... 392,784 313,320 Depreciation expense... $ 39,648 Equipment... 236,208 171,360 Other expenses. 402,696 Accumulated depreciation ........ 108,192 68,544 Total operating expenses.... 442,344 Accounts payable ...." 86,184 79,800 Profit from operations .. $ 298,536 Income taxes payable ....... 10,080 15,120 Income taxes ..." 100,464 Common shares ........ 463,680 369,600 Profit.... $ 198,072 Retained earnings ........."." 125,160 74,928 Additional information regarding MED Supplies Inc.'s activities during 2023: 1. Equipment was purchased for $64,848 cash. 2. Issued 3,360 common shares for cash at $28 per share. 3. Declared and paid $147,840 of cash dividends during the year. Required Prepare a statement of cash flows for 2023 that reports the cash inflows and outflows from operat- ing activities according to the indirect method. Show your supporting calculations