1 20 pts QUESTION [20 marks; suggested time 45 minutes] CCC Inc. had the following financial data to prepare a statement of cash flows for the year ended December 31, 2021. Balance sheet information Cash December 31 2021 2020 $270,000 $139,000 Accounts receivable 136,000 59,000 Inventory 155,000 143,000 Equipment 351,000 291,000 Accumulated depreciation (65,000) (62,000) Total assets $847,000 $570,000 Accounts Payable $106,000 $81,000 Income Taxes Payable 11,000 9,000 Dividends Payable 34,000 11,000 Bonds Payable 122,000 120,000 Common Shares 260,000 210,000 Common Shares 260,000 210,000 Retained Earnings 314,000 139,000 Total liabilities and Sh. equity $847,000 $570,000 Income Statement information Year ended Dec. 30, 2021 Sales $480,000 Cost of goods sold $162,000 Depreciation expense 60,000 Other expenses 18,000 Income tax expense 10,000 Interest expense 6,000 Loss on sale of equipment 15,000 (271,000) Net Income $209,000 Equipment with an original cost of $75,000 was sold during the year. Required Prepare a T-Account sheet (with proper notations) that can be used to prepare a statement of cash flows for the year ended December 31, 2021. T-Accounts sheet has been provided. YOU DO NOT HAVE TO PREPARE A STATEMENT OF CASH FLOWS. Required Prepare a T-Account sheet (with proper notations) that can be used to prepare a statement of cash flows for the year ended December 31, 2021. T-Accounts sheet has been provided. YOU DO NOT HAVE TO PREPARE A STATEMENT OF CASH FLOWS. IF YOU PREFER, YOU CAN PREPARE A STATEMENT OF CASH FLOWS WITHOUT USING T-ACCOUNTS. SHOW YOUR WORK [using T-Accounts OR using equations (+ and -)] FOR RETAINED EARNINGS, EQUIPMENT, and ACCUMULATED DEPRECIATION. PREPARE THE JOURNAL ENTRY FOR THE SALE OF THE EQUIPMENT. SHOW ALL THE PARTS OF A STATEMENT OF CASH FLOWS INCLUDING: Operating Activities, Investing Activities and Financing Activities