Chapter 13: Statement of Cash Flows Project You have just graduated business school and have been hired by Tannenhill Company, a company that sells art. The company incurred losses in its first five years of operations but has just realized a profit in 2022. Selected financial statements for 2021 and 2022 are shown below. The Income Statement and Balance Sheet are shown below. As the new hire, your boss has asked you to prepare the Statement of Cash Flows for the company. When gathering additional information, you have learned that the company was able to make a significant payment on their long-term debt over the year without taking on any additional debt. Additional shares of stock were issued during the year and dividends of $50,000 were paid to shareholders. New equipment was purchased for cash during the year and there were no disposals of equipment. Using the Financial Statements provided to you and the additional information you obtained, create a Statement of Cash Flows for Tannenhill Company. This Cash Flow Statement must be typed using either Word or Excel. Tannenhill Company Income Statement For the Year Ended December 31, 2022 Tannenhill Company Balance Sheet December 31, 2022 and 2021 December 31, 2022 Current assets: Cash Accounts receivable Prepaid Expenses Inventory Total current assets Fixed asset: Land Equipment Less Accumulated Depreciation Total fixed assets Total assets Current liabilities: Accounts payable Wages payable Utilities payable Total current liabilities Noncurrent liabilities: Note Payable Total liabilities Owners' equity: Common stock Retained earnings Total Owners' equity Total liabilities and owners' equity $60,000 1,125,000 20,000 995,000 2,200,000 245,000 1,215,000 (313,000) 1,147,000 $3,347,000 575,000 97,300 42,700 715,000 2,514,0001,799,000 800,000 33,000 833,000 $3,347,000 December 31, 2021 $30,000 925,000 25,000 885,000 1,865,000 245,000 1,105,000 (220,000) 1,130,000 $2,995,000 355,000 95,700 34,300 485,000 2,300,0001,815,000 715,000 (20,000) 695,000 $2,995,000