ASSETS: Cash Investments Accounts Receivable Inventory Prepaid Rent Property & Equipment, net Patents, net Total Assets Calliope Corporation Balance Sheets Dec. 31, 2020 $ 340,000 55,000 58,000 115,000 20,000 217,000 90,000 $ 895,000 Dec. 31, 2019 $ 180,000 145,000 65,000 95,000 15,000 250,000 25,000 $ 775,000 LIABILITIES & STOCKHOLDERS' EQUITY: Accounts Payable Wages Payable Unearned Revenue Notes Payable Common Stock & APIC Treasury Stock Retained Earnings Total Liabilities & Stockholders' Equity $ 125,000 15,000 8,000 325,000 300,000 (125,000) 247,000 $ 895,000 $ 131,000 10,000 12,000 175,000 300,000 (25,000) 172,000 $ 775,000 Additional information about the 2020 transactions: Calliope Corporation Income Stmt For the Year Ended Dec 31, 2020 The company sold investments that had an initial cost of $90,000 for $100,000 cash. The company purchased new PP&E for $47,000 cash. Sales Cost of Goods Sold Depreciation Expense Amortization Expense Rent Expense Wages Expense Other Operating Expenses Operating Income Interest Expense Loss on Sale of PP&E Gain on Sale of Investments Income before taxes Income Tax Expense Net Income $1,640,000 910,000 70,000 10,000 80,000 220,000 185,000 165,000 10,000 6,000 10,000 159,000 49,000 $ 110,000 The company purchased a patent for $75,000 cash. The company sold some of its PP&E for $4,000 cash. The PP&E that was sold had an initial cost of $130,000 and Accumulated Depreciation of $120,000. The company borrowed $150,000 from a bank. The company declared and paid $35,000 in dividends. The company spent $100,000 repurchasing its stock. > Problem 2Calculate Cash Received and Cash Paid Amounts Use the information on Page 1 to calculate the following cash received and cash paid amounts. a) How much cash did Calliope collect from customers in 2020? b) How much cash did Calliope pay for inventory in 2020? c) How much cash did Calliope pay for interest in 2020? d) How much cash did Calliope pay for wages in 2020? How much cash did Calliope pay for rent in 2020