View Policies Current Attempt in Progress The comparative balance sheets for Sunland Company as of December 31 are presented below. Sunland Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 72,080 $ 47,700 Accounts receivable 53,000 61,480 Inventory 160,537 150,520 Prepaid expenses 16,197 22,260 Land 153,700 137,800 Buildings 212.000 212.000 Accumulated depreciation-buildings (63,600 ) (42.400) Equipment 238,500 164,300 Accumulated depreciation-equipment (47.700) (37,100) Total $794,714 $716,560 Liabilities and Stockholders' Equity Accounts payable $ 47,414 $ 38,160 Bonds payable 318,000 318,000 Common stock, $1 par 212,000 169,600 Retained earnings 217,300 190,800 Total $794,714 $716,560 Additional information: 1. Operating expenses include depreciation expense of $44,520 ($21,200 of depreciation expense for buildings and $23,320 for equipment). 2. Land was sold for cash at book value. 3. Cash dividends of $12,720 were paid. 4. Net income for 2022 was $39,220. 5. Equipment was purchased for $97,520 cash. In addition, equipment costing $23,320 with a book value of $10,600 was sold for $8,480 cash. 6. 42,400 shares of $1 par value common stock were issued in exchange for land with a fair value of $42,400. Prepare a statement of cash flows for the year ended December 31, 2022, 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).) Sunland Company Statement of Cash Flows For the Year Ended December 31, 2022 Net Cash Provided by Operating Activities Net Income $ Adjustments to reconcile net income to Net Cash Provided by Operating Activities $ > Net Cash used by Operating Activities Net Cash used by Operating Activities