Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and statement follow, along with additional information. Current Year Previous Year HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wagen Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income $ 6,040 B70 5,170 11,440) $ 10,640 $ 630 5.30 1,500 4,700 3,280 $ 10, 640 $ 3,980 1,690 4,700 (1,220) $ 9, 150 $ 1,100 750 500 4,700 2,100 $ 9, 150 Changes in Current Assets and Current Liatsilities 0 $ 40,100 37,600 220 1,100 $ 1,180 Cash Flows from Investing Activities: 0 Additional Data: Cash Flows from Financing Activities: a. Bought new hockey equipment for cash, $470. b. Borrowed $1,000 cash from the bank during the year, c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash. 0 $ 0 0