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Soft Touch Company was started several years ago by two golf Instructors. The company's comparative balance sheets and income statement are presented below, along with additional information Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and wages Payable Hots 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 l 4 $ 12,740 1,600 13,200 (2.560) $ 25,180 $ 1,100 340 2,600 12,000 3.640 $ 25,150 $ 7,000 3,100 12,000 2,100) $ 20,000 $1,600 1,500 12.000 4,200 $ 20,000 $ 72,600 66,000 1.500 Additional Data: a Bought new golf clubs using cash. S1.200 Borrowed $1500 cash from the bank during the year c Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are not accounts relating to income tax assume that Income Tax Expense was fully paid in cash SOFT TOUCH COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Changes in Current Assets and Current Liabilities 0 Cash Flows from Investing Activities 0 Cash Flows from Financing Activities 0