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For December 31, 2021, the balance sheet of the Nova Scotia Corporation is as follows: Sales for the year 2022 were $220,000, with cost of goods sold being 60 percent of sales. Amortization expense was 10 percent of pant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 8 percent, while interest on the notes payable was 10 percent. These are based on December 31 , 2021, balances. Selling and administrative expenses were $22,000, and the tax rate averaged 18 percent. During the year 2022, the cash balance and prepaid expenses balance were unchanged Accounts receivable and imentory each increased by 10 percent, and accounts payable increased by 25 percent. A new machine was. purchased on December 31, 2022, at a cost of $35,000 A cash dividend of $12,800 was paid to common shareholders at the end of 2022. Also, notes payable increased by $6.000 and bonds payable decreased by $10,000. The common stock account did not change. 8. Prepare an income statement for the year 2022 b. Prepare a balance sheet as of December 31,2022 c. Prepare a statement of cash flows for the year ended Docember 31.2022 Instructions Use the templates below to meet the requirements of the problem. a. Prepare an income statement for the year 2022 . Income Statement for the year ended December 31, 2022 Sales Cost of goods sold Gross profit Selling and administrative expense Amortization expense Operating profit (EBIT) Interest expense on bonds Interest expense on notes Earnings before taxes Taxes Common stock dividends Change in Retained Earnings FORMULA h Dranave a halanna eheat ae if Nanamhar 21 952 Statement of Cash Flows For the Year Ended December 31, 2022 Operating Activities: Net Income (earnings after taxes) Add items not requiring an outhay of cash: Amortization Cash flow from operations Changes in non-cash working capital: \( \begin{array}{ll}\text { Increase in accounts receivable } & \text { FORMULA } \\ \text { Increase in irventory } & \text { FORMULA } \\ \text { Increase in accounts payable } & \text { FORMULA } \\ \text { Increase in notes payable } & \text { FORMULA } \\ \text { Net change in non-cash working capital } & \text { FORMULA } \\ \text { Cash provided by operating activities } & \text { #VALUEI } \\ \text { Investing Activities: } & \text { # }\end{array} \) Investing Activities: Increase in plant and equipment FORMULA Financing Activities: Financing Activities: Decrease in bonds payable Common stock dividends paid Cash used in financing activities Net increase in cash during the year Cash, beginning of year CELLREF CELLREF Cash, end of year CELL REF CELL REF Ch 2 Assignment