Comparative Balance Sheets Al December 31, 20X1 and 20X2 20X1 20X2 Current assets: Cash Accounts receivable $234,500.00 $747,000.00 296,000.00 $672,000.00 $585,000.00 318,000.00 Inventories Long-term assets. Plant and equipment Accumulated depreciation Land 2,202,000.00 (1,202,000.00) 991,000.00 $3,268,500.00 2.140,000.00 (1,270,000.00) 1,457,500.00 $3,882,500.00 10 Total assets $699,000.00 $514,000.00 0.00 384,500.00 0.00 Current liabilities: Wages payable Long-term liabilities 34 Bonds payable Mortgage payable Total liabilities Stockholders ecuity 13 Common stock 19 Paid-in capital in excess of par 20 Retained earnings 2 Total stockholders equity 96,500.00 $795,500.00 $898,500.00 380,000.00 276,000.00 1.817.000,00 2.475.000.00 53.268.500.00 380,000.00 276.000.00 2.328,000.00 2.934.000.00 55.882,500.00 Total abilities and stockholders' equity Swasey Company Income Statement For the Year Ended December 31, 20X2 Revenues $5,010,000.00 2 Gain on sale of equipment 1 Cost of goods sold 4 Depreciation expense Interest expense 104,000.00 (1,918,000.00 (276,000.00) (12,500.00) 5907,500.00 000 for $300.000 (original purchase cost of 487,000). New equipment was purchased ing the year, Swasey Company sold equipment with a book value Required: 1. Prepare a statement of cash fows for Swasey for 20X2 2. Reflect on the relationship between the statement of cash rows and the change in cash Statement of Cash Flows For the Year Ended December 31, 20X2 1 Cash flows from operating activities Add (deduct) adjusting items. - 5 Cash flows from investing activities: 1 45 Cash flows from financing activities: 5 1 5 3