Cash AR Merchandise Inventory Equipment Accumulated Depreciation Total Assets $75,495 27 195 245.490 147,630 (67.620) $428,190 $44,520 32,550 195,825 107,100 (42.840) $337,155 Liabilities and Owners Equity AP Income Taxes Payable Common Shares Retained Eamings Total Liabilities & Shareholders Equity $ 53.865 6,300 289 800 78.225 $49,875 9,450 231,000 46.830 $428.190 5337.155 Jackson Inc. Income Statement For the Year Ended 2022 Sales Cost of Goods Sold Gross Profit $853.650 390.600 $463.050 Operating Expenses Depreciation Expense Other Expenses Total Operating Expenses Income from Operations Other Income or Loss Income Tax Expense Logs on Sale of Equipment Gain on Sale of Equipment Net Income $24.80 251885 278465 $186.595 $82.790 10.000) 10.000 $15.95 Additional Information regarding Jackson's activities during 2022 a b C. Equipment was purchased for $40,530 Issued 4,200 common shares for cash at $14 per share. A gain of $10,000 was made on certain equipment that was sale. This is a dummy number just so you have a gain in your operating activities, but there is actually no investing activity. Ditto in d. below A loss of $10,000 was made on other equipment that was sold during the year Declared and Paid $92,400 of cash dividends during the year Required Prepare a cash flow statement for 2022 *I modified this problem to include a "dummy gain and a 'dummy loss, so you could put them in the operating section under adjustments (as the actual test will have both of these as well). Don't spend any time trying to figure out how they came into being. They were just made up and they will offset so your overall numbers won't be affected