Requirements: Create Baylor's 2023 Cash Flow Statement using the INDIRECT METHOD

Baylor Company's 2023 income statement and comparative balance sheets at December 31, 2022 and 2023 are shown below.

Baylor
Income Statement
	2023
Sales	750,000
Dividend Income	15,000
Gain on Sale of Investments	10,000
Total Revenue	775,000
Cost of Goods Sold	440,000
Wages and Other Operating Expenses	130,000
Depreciation Expense	38,000
Patent Amortization Expense	8,000
Interest Expense	12,000
Income Tax Expense	44,000
Loss of Sale of Equipment	5,000
Total Expenses	677,000
Net Income	98,000

Baylor
Balance Sheet
	2023	2022
Assets
Cash	21,000	24,000
Accounts Receivable	40,000	31,000
Inventory	97,000	77,000
Prepaid Expenses	10,000	7,000
Long-term Investments	30,000	80,000
Land	190,000	100,000
Buildings	445,000	350,000
Accumulated Depr - Buildings	(91,000)	(75,000)
Equipment	179,000	225,000
Accumulated Depr - Equipment	(41,000)	(46,000)
Patents	72,000	42,000
Accumulated Amortization	(18,000)	(10,000)
Total Assets	934,000	805,000
Liabilities & Equity
Accounts Payable	25,000	16,000
Interest Payable	6,000	5,000
Income Taxes Payable	8,000	10,000
Bonds Payable	150,000	125,000
Preferred Stock	100,000	70,000
Common Stock	540,000	524,000
Retained Earnings	105,000	55,000
Total Liabilities & Equity	934,000	805,000

During 2023, the following transactions occurred:

1. Purchased land for cash

2. Sold long-term investments costing $50,000 at a $10,000 gain.

3. Paid $95,000 to make improvements to buildings.

4. Sold equipment for $14,000 cash that originally cost $46,000 and had $27,000 accumulated depreciation.

5. Issues bonds payable for cash.

6. Acquired a patent with a fair value of $30,000 by issuing preferred stock.

7. Declared and paid a $48,000 cash dividend.

8. Recorded depreciation of $16,000 on buildings and $22,000 on equipment.

9. Issued $16,000 of common stock.

Include all calculations please!