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$2,800.000 4.000 2,804,000 Problem 3 (30 points) Troublemakers, Inc. Income Statement For the Year Ended December 31, 2021 Revenues Gain on sale of land Total

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$2,800.000 4.000 2,804,000 Problem 3 (30 points) Troublemakers, Inc. Income Statement For the Year Ended December 31, 2021 Revenues Gain on sale of land Total revenues Expenses: Cost of goods sold 1,900.000 Operating expenses 575.000 Depreciation expense 38.000 Interest expense 16.000 Income tax expense 63.000 Total expenses Net Income 2.592.000 S212.000 2021 2020 S182.000 83.000 121,000 7,000 S187,000 95,000 138,000 5,000 Troublemakers, Inc. Balance Sheets December 31 Assets Current Assets Cash Accounts receivable Inventory Prepaid rent Long-Term Assets: Investment in stock Land Equipment Accumulated depreciation Total Assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Interest payable Income tax payable Long-Term Liabilities: Notes payable Stockholders' Equity Common stock Retained earnings Total Liabilities and Equity 195,000 230,000 305,000 (138.000 $985.000 100,000 260,000 225.000 100.000 S910.000 S40,000 1,000 12.000 S58.000 2.000 10.000 285.000 205.000 350.000 297,000 985.000 350.000 285.000 S910.000 Additional Information for 2021: 1. Purchase additional investment in stocks for $95,000 2. Sell land costing $30,000 for $34,000 resulting in a $4,000 gain on sale of land. 3. Purchase $50,000 in equipment by borrowing $50,000 with a note payable due in three years. No cash is exchanged in the transaction. 4. The company declares and pays a cash dividend of $200,000 Required: Prepare the statement of cash flows using the Indirect method. Disclose any noncash transactions in an accompanying

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