(C) Prepare a classified Balance Sheet as of 12/31/2021. (D) Prepare a multi-step Income Statement for 2021. (E) Prepare a statement of Cash Flows for 2021. Use either the direct or indirect method. 1. Opening balances were as follow: Cash- $70,000, Accounts Receivable- $80,000, Inventory$30,000, Property, Plant \& Equipment- $500,000, Accumulated Depreciation- $300,000, Accounts Payable-\$40,000, Common Stock-\$90,000, Retained Earnings $250,000. 2. Signed a lease for their office building. Lease term is for one year starting on 4/1/2021. 3. Paid $20,000 for the office building lease in Item 2 on May 1, 2021. 4. Issued a purchase order to a vendor for $115,000 of inventory. 5. Purchased equipment for $300,000 paid $200,000 down and signed a, 8% note for the balance. Equipment was acquired on 10/1/2021. One payment of principal for $50,000 and accrued interest is due on 9/30/2022. One payment of principal for $50,000 and accrued interest is due on 9/30/2023. 6. Purchased $825,000 of inventory on account. 7. Made Sales on account of $1,200,000 and cash sales of $300,000 for the year. Cost of Sales was $800,000. 8. Paid General expense salaries of $190,000, Restructuring costs of $30,000, and Selling expenses of $45,000. 9. Paid $750,000 for the inventory purchased in Item 6 . 10. Depreciation expense on equipment was $35,000 for 2021 . 11. Salaries earned in 2021 but not paid until 2022 amounts to $8000. 12. Purchased a short-term equity investment for $40,000 on November 1,2021. 13.Paid Dividends of $80,000 on December 1,2021. 14. Paid $100,000 to purchase a business component. The purchase is recorded as goodwill. No amortization is required to be recorded. 15. Sold the business component purchased in 12 for $70,000. The component had sales of $50,000 cost of sales of $30,000 and Salaries of $10,000. These amounts are included in 7&8 above. 16. Collected $1,140,000 on the sales made in Item 7 . 17. Ending Inventory was $70,000. (C) Prepare a classified Balance Sheet as of 12/31/2021. (D) Prepare a multi-step Income Statement for 2021. (E) Prepare a statement of Cash Flows for 2021. Use either the direct or indirect method. 1. Opening balances were as follow: Cash- $70,000, Accounts Receivable- $80,000, Inventory$30,000, Property, Plant \& Equipment- $500,000, Accumulated Depreciation- $300,000, Accounts Payable-\$40,000, Common Stock-\$90,000, Retained Earnings $250,000. 2. Signed a lease for their office building. Lease term is for one year starting on 4/1/2021. 3. Paid $20,000 for the office building lease in Item 2 on May 1, 2021. 4. Issued a purchase order to a vendor for $115,000 of inventory. 5. Purchased equipment for $300,000 paid $200,000 down and signed a, 8% note for the balance. Equipment was acquired on 10/1/2021. One payment of principal for $50,000 and accrued interest is due on 9/30/2022. One payment of principal for $50,000 and accrued interest is due on 9/30/2023. 6. Purchased $825,000 of inventory on account. 7. Made Sales on account of $1,200,000 and cash sales of $300,000 for the year. Cost of Sales was $800,000. 8. Paid General expense salaries of $190,000, Restructuring costs of $30,000, and Selling expenses of $45,000. 9. Paid $750,000 for the inventory purchased in Item 6 . 10. Depreciation expense on equipment was $35,000 for 2021 . 11. Salaries earned in 2021 but not paid until 2022 amounts to $8000. 12. Purchased a short-term equity investment for $40,000 on November 1,2021. 13.Paid Dividends of $80,000 on December 1,2021. 14. Paid $100,000 to purchase a business component. The purchase is recorded as goodwill. No amortization is required to be recorded. 15. Sold the business component purchased in 12 for $70,000. The component had sales of $50,000 cost of sales of $30,000 and Salaries of $10,000. These amounts are included in 7&8 above. 16. Collected $1,140,000 on the sales made in Item 7 . 17. Ending Inventory was $70,000