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1. The income statement, balance sheet and additional data for White Media follow. White Media...

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Accounting

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1. The income statement, balance sheet and additional data for White Media follow. White Media Income Statement Year Ended December 31, 2020 Revenues: Service revenue $236,000 Expenses: Depreciation expense $27,000 Wages expense 75,000 Insurance expense 6,400 Amortization expense 14,000 Rent expense 36,000 Interest expense 1,600 Supplies expense 26,000 Total Expenses 186,000 Net Income $50,000 White Media Balance Sheet December 31, 2020 2020 2019 Assets Cash $46,000 $12,000 Accounts Receivable 38,000 55,000 Inventory 12,000 6,000 Equipment 220,000 100,000 Less: Accum. Depreciation (50,000) (23,000) Patent 98,000 112,000 Land 0 24,000 Total Assets $364,000 $286,000 Liabilities Accounts Payable $51,000 $47,000 Long term notes payable 87,200 84,200 Equity Common Stock 162,000 130,000 Retained Earnings 63,800 24,800 Total Liabilities & Equity 364,000 286,000 Additional data: a. Acquisition of equipment is $120,000. Of this amount, $100,000 is paid in cash and $20,000 by signing a long-term note payable. b. Payment on a long-term note payable is $17,000. Prepare White Media's statement of cash flows year ended as of December 31, 2020

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