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2020 2021 Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity Current assets Current liabilities Cash $32,653 $ 39,350 Accounts payable Accounts receivable 16,911 28,877 Notes payable Inventory 34,495 44,336 Other Total $ 84,059 $ 112,563 Total $ 34,886 $ 44,285 18,058 16,848 18,871 25,619 $ 71,815 $ 86,752 Long-term debt $ 110,000 140,000 Owners' equity Common stock and paid-in surplus $ 55,000 $ 55,000 Accumulated retained earnings 288,343 333,683 Fixed assets Net plant and equipment $ 441,099 $ 502,872 Total $ 343,343 $ 388,683 Total assets $ 525,158 $ 615,435 Total liabilities and owners' equity $ 525,158 $ 615,435 SMOURA GOLF CORPORATION 2021 Income Statement Sales $ 531,750 Cost of goods sold 377,294 Depreciation 46,686 Earnings before interest and taxes Interest paid $ 107,770 20,650 Taxable income Taxes (25%) $ 87,120 21,780 Net income $ 65,340 Dividends Retained earnings $ 20,000 45,340 Prepare the 2021 statement of cash flows for Smolira Golf Corporatio answers should be indicated by a minus sign.) 32,653 Cash, beginning of the year Operating activities Net income Add: Depreciation Add: Increase in accounts payable Add: Increase in other current liabilities Add: Increase in accounts receivable Add: Increase in inventory 65,340 46,686 9,399 6,748 44 9,841 x x $ 106,366 Net cash from operating activities Investment activities Fixed asset acquisition $ -108,459 Net cash from investment activities Financing activities Dividends paid Decrease in notes payable Increase in long-term debt $ -20,000 -1,210 30,000 $ 8,790 Net cash from financing activities Net increase in cash Cash, end of year