Preapare the Statement of Cash Flow

From the following Financial Statements of Gracious Company, prepare the Statement of Cash Flows in good form: ASSETS: Cash Accounts Receivable Prepaid Expenses Land Building Gracious Company Comparative Statements of Financial Position December 31, 2020 and 2019 Accumulated Depreciation-Buiding Equipment Accumulated Depreciation-Equipment TOTAL ASSETS 2020 2019 P 40,000 P 47,000 28,000 7,000 35,000 2,000 60,000 35,000 110,000 80,000 ( 9,000) (6,000) 55,000 (11,000) P 280,000 42,000 (7,000) P 228,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts Payable Long-Term Notes Payable 30,000 16,000 46,000 20,000 Ordinary Share Capital 100,000 100,000 Retained Earnings 104,000 92,000 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY P 280,000 P 228,000 Gracious Company Statement of Income For The Year Ended December 31, 2020 Revenues P 300,000 Less: Operating Expenses (Including depreciation expense) 213,000 Income from Operations P 87,000 Less: Income Tax Expense 26,000 NET INCOME AFTER INCOME TAX P 61,000 Additional Information: 1. Cash dividends were paid 2. The Company issued long-term notes payable for cash 3. Land, building and equipment were acquired for cash. ||