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Question 2 of 7 -/1 Presented below is the comparative balance sheet for Ivanhoe in a private company reporting under ASPE December 31, 2021, and 2020 IVANHOE INC Balance Sheet December 31 Assets 2021 Cash $57.900 Accounts receivable 101.000 Inventory 205,000 Long terminvestment 101.500 Property, plant, and it 505.000 Lewecumulated depreciation 1162.500) 5637.000 Lisbilities and Shareholders' Equity Accounts payable $57.500 Dividend payable 6.000 Icopa 14.000 Long-terminable 25.000 2020 $98.000 75.000 155.500 0 660000 1140.000 5648.500 $47000 15.000 -/1 IT 15,000 Income tax payable Long term notes payable Common shares Retained earning 14,000 25,000 630.000 105,400 5837.200 0 525.000 61.500 5648.500 IVANHOE INC Income Statement Year Ended December 31, 2021 Sales $653.000 Cost of goods sold 432,000 Grow protet 221.900 Operating expres 5147.500 Loss on sale of equipment 2000 150.500 Protfrom operation 71.400 2.000 14.500 11.500 12.900 14000 Profit before income tax Income tax expense Profit 72.900 14,000 $58.900 1 3 4 Additional information: Cash dividends of $15.000 were declared. 2 Along terminvestment was acquired for cash at a cost of 101.500. Depreciation experse is included in the operating expenses The company issued 10.500 common shares for cash on March 2, 2021. The fair valor of the shares was $10 per share. The proceeds were used to purchase additional equipment Equipement that originally cost $30,000 was sold during the year for cash. The equipeent had a carrying value of $2,000 at the time of sale The company issued a note payable for $28.000 and repaid $1.000 by year end. 7 All purchases of inventory are on credit Accounts Payable is used only to record purchases of inventory 5 6 Prepare a cash flow statement for the year sint the direct method, (Show mounts that decrease cash flow with either ases - 15,000 or in parenthesis es (15,0001) Question 2 of 7 IVANHOE INC Cash Flow Statement - Direct Method Year Ended December 31, 2021 Net Cash Provided by Operating Activities eTextbook and Media Attempts of 3 used Sumit Anww