500 USE THE INFORMATION BELOW TO ANSWER QUESTIONS 40-45 Quarterly Balance Sheets for Philburn, Inc. For the Quarters Ending March 31, June 30, September 31 and December 31, 2019 Q1 Q2 Q3 Q4 Cash 100 300 900 Accounts receivable 2,200 2,900 2,700 3,400 Inventory 5,000 6,000 6,400 7,300 Current assets 7,300 9,400 9,400 11,600 Gross fixed assets 22,000 36,000 39,000 45,000 (Accumulated depreciation) (8,200) (9,300) (10,000) (10,800) Net fixed assets 13,800 26,700 29,000 34,200 Land 5,600 5,600 6,400 6,400 Investment in Comat, Inc. 10,200 10,500 11,300 12,000 Total assets 36,900 52,200 56,100 64,200 Notes payable Accounts payable Accruals Current portion LT debt Current liabilities LT debt Common stock Additional paid in capital Retained earnings Total liabilities and equity 500 3,300 800 2,200 6,800 14,200 1,800 3,600 10,500 36,900 1,500 4,300 1,400 3,600 10,800 21,600 1,800 3,600 14,400 52,200 2,900 4,000 1,000 3,100 11,000 24,900 2,000 4,400 13,800 56,100 3,700 5,200 1,800 4,400 15,100 22,300 2,400 5,200 19,200 64,200 Additional Information from Quarterly Income Statements for 2019 Q1 Q2 Sales 74,000 86,000 Net income 5,900 6,800 Equity income 1,200 1,500 Gain(Loss) on sale of asset 1,100 NA Q3 81,000 (600) 1,600 (500) Q4 94,000 7,500 300 700 NOTES: Philburn, Inc. purchased 30% of the stock of Comat, Inc. in 2006. Philburn purchased an additional 5% of the stock of Comat, Inc. for $500 on November 1, 2019 Philburn, Inc. sold an asset with an original cost of $3,600 on February 1, 2019. That asset was sold for $3,900. Philburn, Inc. sold an asset with an original cost of $4,100 on August 1, 2019. That asset was sold for $2,000. Philburn, Inc. sold an asset with an original cost of $2,100 on November 1, 2019. That asset was sold for $2,400. Construct a statement of cash flows for Philburn, Inc. for the period covering March 31, 2019 to December 31, 2019. From that statement, answer the questions below: 40. NCF Operating Activities = $ 41. NCF Investing Activities = $_ 42. NCF Financing Activities = $ 43. In 2019, what did Philburn, Inc. report "depreciation expense" on its income statement? 44. In your Statement of Cash Flow, what did you calculate at Philburn, Inc.'s Increase in the Investment Account? 45. In your Statement of Cash Flow, what did you calculate at Philburn, Inc.'s Purchase of New Gross Fixed Assets