(1.) (Review of accounting cycle) The balance sheet for mont for the year ended December 31, 1980, follows. Using the list of events for 1981 prepare the balance sheet, income statement, and statement of cash flows for the year ended December 31, 1981. IMONT COMPANY Balance Sheet, at December 31, 1980 $ 34 365 Cash Accounts receivable Inventory Current assets $104 81 181 227 $626 Accounts payable Income tax payable Short-term debt Current liabilities Long-term debt Total liabilities $366 48 $414 Property, plant, and equipment Less: Accumulated depreciation Net property $ 80 Common stock Retained earnings Total assets 5706 Total liabilities and equity $706 mont Company: 19X1 Events 1. The company purchased $881 of inventory on account. 2. Sales for the year were $1265. 3. Depreciation expense was $10. 4. Interest of $19 was paid on the company's long- and short-term debt. 5. The company obtained short-term financing of $65 and repaid $2 of long-term debt. 6. mont issued new stock for $5. 7. The company received $1210 from customers during the year. 8. Inventory sold during the year had cost the company $843. 9. Income tax expense for the year was $33; $19 was paid. 10. Dividends declared and paid were $21. 11. New equipment costing $17 was purchased and paid for. 12. The company repurchased some of its own common stock for $14. 13. Operating expenses paid during the year were $320. 14. The company paid $867 of its accounts payable during 19X1