View Policies Current Attempt in Progress Sunland Company has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Sunland Company for 2022 and 2021 are provided below. BALANCE SHEETS 12/31/22 12/31/21 Cash $406000 $194000 Accounts receivable 359000 217000 Inventory 386000 479000 Property, plant and equipment $608000 Less accumulated depreciation (321000) 287000 658000 $1438000 $1548000 Accounts payable $176000 $94000 Income taxes payable 350000 392000 Bonds payable 359000 598000 $962000 (304000) ** Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Sales revenue Cost of sales Gross profit Selling experises Administrative expenses Income from operations INCOME STATEMENT For the Year Ended December 31, 2022 $600000 191000 $ 176000 350000 359000 191250 361750 $1438000 $8420000 7152000 1268000 791000 477000 $ 94000 392000 598000 216000 248000 $1548000 lim ... INCOME STATEMENT For the Year Ended December 31, 2022 $600000 191000 Sales revenue Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before taxes Income taxes Net income The following additional data were provided: $8420000 7152000 1268000 791000 477000 72000 405000 101250 $303750 The following additional data were provided: 1. Dividends for the year 2022 were $190000. 2. During the year, equipment was sold for $242000. This equipment cost $353000 originally and had a book value of $287000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. The net cash provided by operating activities is O $422750. O $303750. O $216750. O $258750.