es Some recent financial statements for Smolira Golf Corporation follow. Assets 2020 SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 $ 36,285 $39,584 18,751 29,476 4,180 43,392 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other Current assets Cash Accounts receivable Inventory Total $ 59,216 $112,452 Total Long-term debt Owners' equity 2020 2021 $40,132 $ 43,532 20,908 17,625 21,574 26,154 $82,614 $87,311 $124,500 $193,150 Common stock and paid-in surplus $ 56,900 $ 56,900 Accumulated retained earnings 261,592 297,574 Fixed assets $ Net plant and equipment $ 522,483 Total $318,492 466,390 354,474 $ Total assets $634,935 Total liabilities and owners' equity 525,606 $ $ 525,606 634,935 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid $515,954 365,978 46,838 $103,138 21,583 Sales SMOLIRA GOLF CORPORATION 2021 Income Statement Cost of goods sold $515,954 365,978 46,838 Depreciation Earnings before interest and $103,138 taxes Book erences Interest paid Taxable income Taxes (24%) Net income 21,583 $ 81,555 19,573 $ 61,982 Dividends Retained earnings $ 26,000 35,982 Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) SMOLIRA GOLF CORPORATION Statement of Cash Flows For 2021 Cash, beginning of the year $ 36,185 Operating activities Net income Add: Depreciation Add: Increase in accounts payable Add: Increase in other current liabilities Less: Increase in inventory Less: Increase in accounts receivable $ 62,855 46,713 3,540 4,590 -39,202 -10,685 Net cash from operating activities $ 67,811 Investment activities Fixed asset acquisition $ -102,771 Net cash from investment activities $ -102,771 Financing activities Decrease in notes payable Increase in long-term debt Dividends paid $ -3,258 66,525 $ (25,000) Net cash from financing activities Net increase in cash Cash, end of year 38,267 3,307 $ 39,492