Prepare a Statement of Cash Flows with the following Comparative Balance Sheet and Income Statement.

Comparative Balance Sheet:

Additional information:

Show calculations.

$7,502,810.00 $4,041,000.00 $3,461,810.00 Income Statement For the Period Ended December 31, 2021 Revenue Sales Cost of Goods Sold Gross Profit Less: Operating Expense Compensation Expense $1,979.17 Salaries Expense $2,020,000.00 Bad Dept Expense $62,293.50 Payroll Tax Expense $87,440.00 Advertisting Expense $125,000.00 Insurance Expense $110,833.33 Supplies Expense $19,996.00 Depreciation Expense $266,538.40 Amortization Expense $5,000.00 Utilities Expense $9,000.00 Miscellaneous Expenses $9,300.00 Total Operating Expense Income from operations Less: Interest Expense Add: Unrealized gain Add: Realized gain Income before tax Income Tax Expense Net Income $2,717,380.40 $744,429.60 $75,182.33 $3,500.00 $2,500.00 $675,247.26 $141,802.00 $533,445.26 2021 2020 $ ASSETS Current Assets Cash Accounts Receivable Less: Allowance for Doubtful Accounts Short-term Investments Fair Value Adjustments Inventory PPD Insurance Supplies Total Current Assets 1,646,663 979,500 (30,000) 14,000 $ 2,301,968.00 $ 1,589,870.00 $ (79,493.50) S 14,000.00 $ 3,500.00 $ 379,374.10 $ 54,166.67 $ 8,009.00 $ 4,271,394.27 U) 1,400,000 50,000 3,600 4,063,763 Property, Plant, & Equipment Land Building Less: Accumulated Dep. Building Machinery Less: Accumulated Dep. Machinery Equipment Less: Accumulated Dep. Equip. Del. Truck Less: Accumulated Dep. Truck Property, Plant, & Equipment (Net) $ 635,000.00 $ 3,000,000.00 $ (346,154.08) $ 850,000.00 $ (183,300.00) $ 350,000.00 $ (118,813.77) $ 56,500.00 S (48,166.56) $ 4,195,065.60 635,000 3,000,000 (269,231) 850,000 (14,100) 160,000 (110,954) 56,500 (42,611) $ 4,264,604.00 Long-term Investments Available for Sale Investments Fair Value Adjustment $ 413,200.00 $ 18,200.00 $ 431,400.00 100,000 15,000 115,000 $ 55,000.00 60,000 Intangible Assets Patents Other Non-current Assets Right of use Asset Total Assets $ 300,000.00 $ 786,400.00 $ 8,503,367.00 Current Liabilities A/P Salaries Payable Utilities Payable Payroll Taxes Payable Interest Payable Dividends Payable Note Payable-Short Term Income Tax Payable Total Current Liabilities $ 444,344.10 $ 1,697,000.00 $ 9,000.00 $ 32,440.00 $ 30,333.33 $ 150,000.00 S 100,000.00 $ 167,802.00 $ 2,630,919.43 1,683,300 1,177,000 11,000 73,000 13,000 500,000 50,000 126,000 3,633,300 Long Term Liabilities Lease Liability Note Payable-Long Term Bond Payable Discount on Bond Payable Total Long Term Liabilities $ 237,500.00 $ 471,500.00 $ 1,500,000.00 $ (76,936.00) $ 2,132,064.00 500,000 1,500,000 (87,685) 1,912,315 $ Total Liabilities $ 4,762,983.43 $ 5,545,615 Stockholders' Equity Common Stock, $1 par, $1M Shares Authorized; 100,000 Shares Issued and Outstanding Additional Paid in Capital - Common Stock RE Unrealized gain(loss) Available for Sale Securities Less: Unearned Compensation Less: Treasury Stock (net) Total Stockholders' Equity $ 160,000.00 $ 3,008,193.00 S 869,559.00 $ 18,200.00 $ (93,020.83) $ (24,000.00) $ 3,938,931.17 100,000 1,823,193 1,019,559 15,000 2,957,752 Total Liabilities and Stockholders' Equity $ 8,701,914.60 $ 8,503,367.00 During 2021, the following additional transactions occurred: (Hint: these are already included in 12/1/21 TB, but may be needed for the Statement of Cash Flows) 1. Issued 35,000 shares of common stock, $1 par, for $700,000 on June 30, 2021. 2. Some equipment was sold (original cost $10,000, book value $3,000) for $5,500 (do not consider in your #2 AJE). Confirm with the 12/1 Trial Balance! 3. All amortization and depreciation is recorded once a year on December 31. 4. Market price per share of stock at 12/31/2021 was $23.65. Statement of Cash Flows For the year ending December 31, 2021 Operating Activities Investing Activities Financing Activities