Anthony Hall, Sandhill Enterprises' controller, is preparing the financial statements for 2021 as follows. Sandhill Instruments Comparative Balance Sheets As of December 31 2021 Cash $143,000 Accounts receivable, net 308,000 Inventory 185,600 Total current assets 636,600 Property, plant, & equipment, net 318,000 Accumulated depreciation 111,000 Net property, plant, & equipment 207,000 Total Assets $843,600 Accounts payable $171,000 Taxes payable 36,600 Mortgage payable 131,000 Total liabilities 338,600 Common stock 371,000 Retained earnings 134,000 Total stockholders' equity 505,000 Total liabilities & stockholders' equity $843,600 2020 $101,000 291,000 165,000 557,000 181,000 81,000 100,000 $657,000 $224,000 41,000 0 265,000 311,000 81,000 392,000 $657,000 Sandhill Instruments Income Statement For the Year Ended December 31, 2021 Sales revenue $1,221,000 Cost of goods sold 721,000 Operating expenses Depreciation expense $63,000 Interest expense 28,000 Wages expenses 196,000 Other expenses 37,000 324,000 Income before taxes 176,000 Loss on equipment sale 24,000 Tax expense 84,000 Net income $68,000 He has gathered this additional information: On December 31, 2021, Sandhill sold a piece of equipment with an original cost of $46,000 for $29,000 cash. The equipment had a book value of $34,000. On February 1, 2021, Sandhill issued $81,000 of common stock to raise cash in anticipation of the purchase of a new building later in the year. On February 2, 2021, Sandhill took out a ten-year $131,000 long-term loan to provide the remaining funds needed to purchase the building. On May 15, 2021, Sandhill paid $183,000 for the new building. The company paid a cash dividend of $30,000. Using the indirect method, prepare Sandhill Enterprises' statement of cash flows for 2021. Sandhill Instruments Statement of Cash Flows For the year ended December 31, 2021 Cash at end of period Net income $ Increase in accounts receivable V Decrease in inventories > Net cash used by financing activities Net increase in cash Cash at end of period $ $ Anthony Hall, Sandhill Enterprises' controller, is preparing the financial statements for 2021 as follows. Sandhill Instruments Comparative Balance Sheets As of December 31 2021 Cash $143,000 Accounts receivable, net 308,000 Inventory 185,600 Total current assets 636,600 Property, plant, & equipment, net 318,000 Accumulated depreciation 111,000 Net property, plant, & equipment 207,000 Total Assets $843,600 Accounts payable $171,000 Taxes payable 36,600 Mortgage payable 131,000 Total liabilities 338,600 Common stock 371,000 Retained earnings 134,000 Total stockholders' equity 505,000 Total liabilities & stockholders' equity $843,600 2020 $101,000 291,000 165,000 557,000 181,000 81,000 100,000 $657,000 $224,000 41,000 0 265,000 311,000 81,000 392,000 $657,000 Sandhill Instruments Income Statement For the Year Ended December 31, 2021 Sales revenue $1,221,000 Cost of goods sold 721,000 Operating expenses Depreciation expense $63,000 Interest expense 28,000 Wages expenses 196,000 Other expenses 37,000 324,000 Income before taxes 176,000 Loss on equipment sale 24,000 Tax expense 84,000 Net income $68,000 He has gathered this additional information: On December 31, 2021, Sandhill sold a piece of equipment with an original cost of $46,000 for $29,000 cash. The equipment had a book value of $34,000. On February 1, 2021, Sandhill issued $81,000 of common stock to raise cash in anticipation of the purchase of a new building later in the year. On February 2, 2021, Sandhill took out a ten-year $131,000 long-term loan to provide the remaining funds needed to purchase the building. On May 15, 2021, Sandhill paid $183,000 for the new building. The company paid a cash dividend of $30,000. Using the indirect method, prepare Sandhill Enterprises' statement of cash flows for 2021. Sandhill Instruments Statement of Cash Flows For the year ended December 31, 2021 Cash at end of period Net income $ Increase in accounts receivable V Decrease in inventories > Net cash used by financing activities Net increase in cash Cash at end of period $ $