Assets 2020 Current assets Cash Accounts receivable Inventory $ 32,653 16,911 34,495 $39,350 Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities Accounts payable 2020 2021 $34,886 $44,285 28,877 44,336 Notes payable Other 18,058 16,848 18,871 25,619 Total $84,059 $112,563 Total Long-term debt $71,815 $86,752 $110,000 140,000 Owners' equity Fixed assets Common stock and paid-in surplus $ 55,000 $ 55,000 Accumulated retained earnings 288,343 333,683 Net plant and equipment $ 441,099 $ 502,872 Total $343,343 $ 388,683 Total assets $525,158 $ 615,435 Total liabilities and owners' equity $525,158 615,435 Sales SMOLIRA GOLF CORPORATION 2021 Income Statement Cost of goods sold $531,750 377,294 Depreciation 46,686 Earnings before interest and $107,770 taxes Interest paid 20,650 Taxable income Taxes (25%) Net income $87,120 21,780 $ 65,340 Dividends $ 20,000 Retained earnings 45,340 Prepare the 2021 statement of cash flows for Smolira Golf Corporation. (Negative answers should be indicated by a minus sign.) SMOLIRA GOLF CORPORATION Statement of Cash Flows For 2021 Cash, beginning of the year $ 32,653 Operating activities Net income $ 65,340 Add: Depreciation 46,686 Add: Increase in accounts receivable (11,966) Add: Increase in inventory (9,841) Less: Increase in accounts payable 9,399 Less: Increase in accounts payable -1,210 Add: Increase in other current liabilities 6,748 Net cash from operating activities $ 106,366 Investment activities Fixed asset acquisition $ -108,459 Net cash from investment activities $ -108,459 Financing activities Decrease in long-term debt Dividends paid $ 30,000 -20,000 Net cash from financing activities $ 8,790 Net increase in cash Cash, end of year