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Thears cash has been collected or (if sold on accouat) eash collection is expected. - When specific accounts receivable are written off in the future, the in that transaction. No additional bad debt expense is recorder - Bad debt expense is often recognized as 36. (21 points) For the year 2021, ABC Corporation reported net income of $120,000, which included depreciation expense of $23,000 and a $2,000 loss on the sale of machinery. Over the course of that year, certain balance sheet accounts changed as follows: - Decrease in prepaid insurance: $8,000 - Decrease in uneamed revenue: $19,000 ABC Corporation also provides the following information about cash activities in the year 2021 : - Purchased land: $110,000 - Sold used machinery: $18,000 - Issued bonds at their face value: $150,000 - Paid $1.00 cash dividend on 50,000 shares of outstanding common stock ABC Corporation's cash balance was $65,000 on 12/31/2020 and $207,006 on 12/31/2021. Based on this information, prepare ABC's Statement of Cash Flows for 3021 using the template on the next page. - Use the indirect method for the Operating section and the direct method for Investing and Financing sections. - Enter descriptions on the left and amounts on the right in the table provided. - Use a negative sign or parentheses around a number to indicate a subtraction. AFC Corporation Statement of Carh Flous for 2021 Operatiog activities Net incom