20 Cash flow statement [17 marks) The balance sheets for Angel Music Co. at December 31, 2021 and December 31, 2020 follow Cash Accounts receivable Land Equipment Accumulated depreciation December 31 2021 2020 $ 70,000 $ 30,000 37,000 41,000 55,000 35,000 175,000 150,000 (37.000) (25.000) Total Assets $300,000 $231.000 Accounts payable Long-term loans payable Common shares Retained earnings 3,000 90,000 135,000 72,000 4,000 40,000 130,000 57.000 $300,000 $231,000 Total Liabilities & Shareholders' Equity Additional information for 2001: 1. Net Income was 50,000 2. Land with a book value of $10,000 was sold for $25,000 3. Paid off a $20,000 long-term note payable. 4. New equipment costing $5,000 was bought and paid for by issuing common shares, 5. No equipment was sold during the year. 6. A new loan for $65,000 was taken out during the year. Required: Prepare a statement of cash flows using the indirect method for the year ended December 31, 2021. MAKES IS IN PROPER FORMAT You can use the template provided to help you with the cash flow statement. CASH FROM OPERATING ACTIVITIES Net Income CASH FROM INVESTING ACTIVITIES CASH FROM FINANCING ACTIVITIES CASH FROM FINANCING ACTIVITIES Increase in cash $40,000