Lucas took the proceeds from dissolving the partnership and purchased a corporation selling electrical parts used for large production companies, Voltage: Electric Inc.. He employs several people, but is looking to expand his operations further. In addition to expanding the sales of electrical parts, he also wants to start selling heating, ventilation and air conditioning [HVAC] parts and machinery through a separate division of the company called 'HVAC Parts 8: Machinery.l Currently, Lucas owns all the shares in the corporation. To raise the needed cash, he decides to offer common and preferred shares for sale to investors starting in 2023. Below is the balance sheet at the end of 2022. Voltage: Electric Inc. Balance Sheet As at December 31, 2022 Assets Liabilities Cash $92,870 Accounts Payable $27,800 Accounts Receivable 25,620 Unearned Revenue 14,000 Prepaid Insurance 4,920 Bank Loan M Inventory 8 1,250 Total Liabilities 74,700 Property, Plant 8. Equipment 192,000 Shareholders' Equity Accumulated Depreciation -42 000 Common Shares - 101,000 issued 101,000 Retained Earnings 179 960 Total shareholder's Equity Total Assets $355,660 Liabilities 8: Owner's Equity $355,660 At 2022, Lucas has authorized 215,000 common shares and 50,000 preferred shares. The preferred shares will be cumulative and pay $9 dividends. The 101,000 shares issued were issued to Lucas. He will maintain control of the company and sit on the board of directors. Prepare a Classified Balance Sheet at December 31, 2023. Round answers to the nearest whole number. Voltagez Electric Inc. Balance Sheet 32 Marks As at December 31, 2023 Cash $72,069 Accounts Receivable $41,700 HP Interest Receivable $4,226 Prepaid Insurance $19,760 Short-Term Investment - Citi Inc. $161,200 Short-Term Investments - Bonds $80,500 Valuation Allowance for Fair Value Adju $34,700 Inventory $97,800 Total Current Asset $511,955 Investment in HSBC Inc. Common shar $552,540 Long-Term Investment - Bond $96,000 Discount on Bonds $16,303 Net Property, Plant & Equipment $155,000 Total Noncurrent assets 819,843 Total Assets $1,331,798 Accounts Payable 171,000 Interest Payable 31,500 Unearned Revenue 4,000 Total Current Liabilities 216,500 Bonds Payable 420,000 Bank Loan 182,000 PNP Total Noncurrent liabilities 602,000 Total Liabilities 18,500 Common Shares 273,000 Preferred Shares 73,600 Retained Earnings 166,698 Total Equity 513,298 Total Liabilities and Shareholders Equi $1,331,798 32Using the balance sheet from the end of last year (when the company was still a proprietorship] and the balance sheetjust created, prepare a cash ow statement using the indirect method. Round answers to the nearest whole number. Note: No Property, Plant and Equipment was sold during the year. Hint :Amortized bond discount or premium should be added to the operating activities, if there is any. Carrying amount of the bonds should be presented in the nancing activities. Voltage: Electric Inc. Cash Flow Statement 26 Marks For the Year Ended December 31, 2023 l'l'I'I'I'I'I'I'I'I'l'l'Il l'l'I'Il I'I'I'I'I'P 26