2 Buthers Corporation began business on January 1, 20X5 The financial statements for Badbets first year are given below. Because it is the first year of the company, there are no beginning balances for the balance sheet accounts. This should simplify your preparation of the cash flow statement. Figure. Bushes Corporation Income Statement as of 12/31/X5 Ruthers Corporation Income Statement Revenue Cost of Goods Sold Gross Profit Other Expenses Earnings Before Tax Tax Expense Net Income As of 12/31/X5 $14,900 (6,780) 120 Figure Bushes Corporation Balance Sheet 12/31/x5 Ruthers Corporation Balance Sheet 12/31/X5 (3.910) 4210 (1.263) $2,947 Assets Cash Accounts Payable Accounts Receivable Inventory Prepaid Expenses Land 1990 Salaries Payable 2.510 Note Payable 527 Total Liabilities STA30 700 10,000 51233 I 14.000 Owners' Equity Common Stock 4.300 Retained Earings 2047 Total Owners' Equity 7441 Total Liabilities & Owner Total Assets 1977 Equity $19977 Additional Information 1. Buthsa purchased land for $14,000 cash 2. Common stock was issued for $4,500 3. A note payable was signed for $10,000 cash