Condensed financial data of Vaughn Manufacturing follow. Vaughn Manufacturing Comparative Balance Sheets December 31 Assets 2021 2022 Cash $145,440 $87,120Accounts receivable 158,040 68,400 Inventory 202,500 185,130 Prepaid expenses 51,120 46,800 Long-term investments 196,200 248,400 Plant assets 513,000 436,500Accumulated depreciation (90,000) (93,600)Total $1,228,500 $926,550Liabilities and Stockholders' Equity Accounts payable $183,600 $121,140 Accrued expenses payable 29,700 37,800 Bonds payable 198,000 262,800Common stock 396,000 315,000 Retained earnings 421,200 189,810 Total $1,228,500 $926,550 Vaughn Manufacturing Income Statement Data For the Year Ended December 31, 2022 Sales revenue Less: $699,228Cost of goods sold $243,828 Operating expenses, excluding depreciation 22,338 Depreciation expense 83,700 Income tax expense 49,104 Interest expense 8,514Loss on disposal of plant assets 13,500 420,984 Net income $278,244Additional information:1. New plant assets costing $180,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $103,500 and accumulated depreciation of $87,300 were sold for $2,700 cash. 3. Bonds payable matured and were paid off at face value for cash.4. A cash dividend of $46,854 was declared and paid during the year. Prepare a statement of cash flows using the indirect method.