KSU Thorobreds, Inc Income Statement For the Year Ended December 31, 2021 KSU Thorobreds, Inc Balance Sheet As of December 31 2021 2020 $ Net sales Gain on sale of land 2,430,000 6,500 $ Total revenues 2,436,500 Assets Current assets: Cash Accounts receivable Inventory Prepaid insurance Long-term assets Investments Land Equipment Accumulated depreciation 184,420 $ 68,700 134,500 2,980 25,740 83,000 128,000 4,560 Expenses Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense $ 1,565,000 598,000 16,000 17,000 63,000 211,000 208,500 203,000 (117,500) 120,000 255,000 203,000 (101,500) Total expenses 2,259,000 Total Assets $ 895,600 $ 717,800 Net Income $ 177,500 $ 26,500 $ 3,400 30,200 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Interest payable Income tax payable Long-term liabilities Notes payable Stockholders' equity Common Stock Retained Earnings 81,000 2,300 32,500 255,000 242,000 273,000 307,500 230,000 130,000 Total liabilities and stockholders' equity $ 895,600 $ 717,800 Additional information for 2021 1. Assume that all increases and decreases in long term assets, long-term liabilities and common stock are a result of cash transactions. 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other long-term assets were sold. 3. Additional long-term investments were purchased. 4. An additional long-term note payable was signed. No repayments on notes were made. 5. Additional common stock was issued. REQUIRED: Complete the statement of cash flows (indirect method) as of December 31, 2021. Use Excel formulas and proper formatting when completing the statement