Hope, Inc. Balance Sheet As of Dec 31, 20X1 and 20x0 20x1 20x0 Assets: Current Assets: Cash Accounts Receivable Inventory Prepaid Expenses Supplies Total Current Assets Long Term Assets: Property and equipment, net Long term investment Total Long Term Assets: Total Assets: 12,000 40,000 60,000 4,000 10,000 126,000 24,000 23,000 40,000 2,000 11,000 100,000 162,000 70,000 232,000 358,000 138,000 60,000 198,000 298,000 39,000 3,000 14,000 56,000 Liabilities and Stockholders' Equity: Current Liabilities: Accounts Payable 40,000 Interest Payable 4,000 Income Tax Payable 12,000 Total Current Liabilities: 56,000 Noncurrent Liabilities: Bond Payable 70,000 Note payable 64,000 Total Liabilities: 190,000 Stockholders' Equity: Common Stock 80,000 Retained Earnings 88,000 Total Stockholders' Equity: 168,000 110,000 4,000 170,000 70,000 58,000 128,000 Hope, Inc. Income Statement For the year ended 20X1 20X1 560,000 275,000 285,000 Revenue Cost of Goods Sold Gross Profit Operating Expenses: General and Administrative Depreciation Other Operating Income Other gains and (losses): Gain on sale of PPE Interest Expense Investment Income Income before income tax Income tax expense Net Income 106,000 26,000 96,500 56,500 4,000 (7,500) 2,000 55,000 15,000 40,000 20X1 Additional Information: a. $27,000 cash purchase of land. b. Purchased $55,000 of equipment using a note payable. c. Sold a building for $36,000 cash with an original cost of $52,000 and accumulated depreciation of $20,000, resulting in a gain of $4,000. d. Received $10,000 cash from issuing 2,500 shares of common stock. e. Company paid $40,000 cash to retire a $40,000 bond payable. f. Declared and paid a cash dividend of $10,000. g. Borrowed $5,000 of cash with a long term note payable. h. Purchased $10,000 of long term investments. Prepare a statement of cash flows using the indirect method and prepare the schedule of noncash investing and financing activities below the statement of cash flows. Note if there is anything that appears "not right" about the operating