Name This written homework assignment will be graded on completeness it will be your responsibility to check your answers for correctness. An answer key will be posted on Canvas after the due date of the homework assignment. (You should make a copy of your homework to check your answers for correctness using the posted solution.) REQUIRED: The Technology Corporation sells computers, computer monitors, printers, and related accessories. Using the Technology Corporation's following comparative Balance Sheets at December 31, 2021 and December 31, 2020, Its Income Statement for the year ended December 31, 2021, and its Additional Information for 2021 prepare in good form its Statement of Cash Flows for the year onded December 31, 2021. Assume the corporation uses the Indirect method for its Cash Flows from Operating Activities section of its Statement of Cash Flows. You must personally handwrite your answers, No typed, pasted, photocopied, etc. answers will be accepted Technology Corporation Balance Sheets December 31, 2021 and December 31, 2020 2021 2020 Increase Decrease) Assets: Cash Trading debt securities Available-for-sale debt securities Accounts recolvable Interest receivable Inventory Notes receivable, due April 30, 2024 Land Building Accumulated depreciation - building Equipment Accumulated depreciation - equipment Patent Total assets $36,500 11,500 8.300 56.700 400 83.400 15,000 410,000 920,000 (184,800) 137,500 (58,400) 325.00 $1.468.600 $ 27.500 0 21,000 72,900 0 51,600 0 275,000 920,000 (151.200) 131,900 (52.600) 35.000 $1.331.100 $9,000 11,500 (12,700) (16,200) 400 31,800 15,000 135,000 0 33,600 5,600 5,800 (2,500) Liabilities and Stockholders' Equity: Accounts payable Wages payable Interest payable Notes payable Preferred stock, 8%, $100 par Common stock, S5 par Add'l. paid-in capital - common stock Retained earnings Treasury stock Total liabilities & stockholders' equity S56,200 8,300 13,450 915,000 16,400 43,000 198,450 224,800 7.000 $1468.600 $31,300 3,650 15,600 933,000 12,000 35,000 159,250 141,300 0 $1331100 $24.900 4,650 (2.150) (18,000) 4,400 8.000 39,200 83,500 7,000 Technology Corporation Income Statement For the Year Ended December 31, 2021 $1,249,000 501.000 748.000 590 500 157.500 Sales Cost of goods sold Gross profit Operating expenses, including depreciation oxpense-building of $33,600; depreciation expense - equipment of $10,300, and amortization expense of $2.500 Income from operations Other revenues and gains: Gain on sale of available-for-sale debt securities Unrealized holding gain-trading debt securities Interest revenue Other expenses and losses: Loss on sale of equipment Interest expense Excess of other expenses over other revenues Income before income taxes Less income tax expense Net Income 3,100 300 1,800 (2,700) (32.600 (30,100) 127.400 (25.500) $101.900 Additional Information for 2021: 1) Trading Debt Securities were purchased for cash during December 2021. No Trading Debt Securities were sold during 2021.At December 31, 2021, the Trading Debt Securities account increased by the amount of the Unrealized Holding Gain - Trading Debt Securities for the year ended December 31, 2021. 2) Available-for-Sale Debt Securities in the amount of $9.800 were purchased during 2021. Available-for-Sale Debt Securities were also sold during 2021. 3) On May 1, 2021, the Technology Company loaned cash to an employee and received a 4%, three-year note Interest on the note is due each April 30, beginning April 30, 2022. The note's principal will be due on April 30, 2024 4) During 2021 the corporation purchased land by giving a $40,000 cash down-payment with the balance due on a note. 5) During 2021, equipment with a cost of $17,200 was purchased with cash. Equipment was also sold for cash during 2021 6) The only borrowing on a long-term note payable during 2021 was on the purchase of the land (#4 above). The company also made cash payments on its existing long-term notes payable. 7) The company issued the preferred stock for cash 8) The company issued the common stock for cash. 9) The company repurchased shares of its own stock for cash 10) The company paid cash dividends. Chapter Parts Women Name Technology Corporation Statement of Cash Flows For the Year Ended December 31, 2021