Prepare a statement as shown in the template below.

Petes Patriotic Flags, Inc Statement of Cashfow For the Year Ended December 31, 2021 Cash Flows from Operating Activities Net Income Adjustments to reconcilenet income to net cash flow from Operating Activities Depreciation Amortization Gain or Loss Changes in current operating assets and liabilities Net Cash Flow from Operating Activities Cash Flows from Investing Activities Cash received from sale Less cash used for purchases Net Cash Flow from Investing Activities Cash flow from Financing Activities Cash received from issuance of stock Less cash paid dividends or long-term debt Net Cash Flow from Financing Activities Increase or Decrease in cash Cash at the beginning of the year Cash at the end of the year COMPRATIVE BALANCE SHEET Pete's Patriotic Flags, Inc. Comparative Balance Sheet December 31, 2021 and 2020 2021 2020 Assets Current Assets: Cash Accounts Receivable, net Merchandise Inventory Prepaid Rent Total Current Assets 366,520 160,000 130,000 70,000 $726,520 90,000 170,000 70,000 50,000 $380,000 Property, Plant, and Equipment: Equipment 240,000 Less: Accumulated Depreciation - Equipment -60,000 |Total Property, Plant, and Equipment $180,000 Total Assets $906,520 260,000 -40,000 $220,000 $600,000 2021 2020 90,000 55,000 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Dividends Payable Unearned Revenue Salaries payable Federal Income Taxes Payable Total Current Liabilities 20,000 70,000 30,000 $210,000 80,000 50,000 15,000 $200,000 100,000 Long Term Liabilities Bond Payable Note Payable Total Liabilities 20,000 60,000 $290,000 $300,000 Stockholders' Equity: Common Stock, $10 Par Paid-In Capital in Excess of Par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 150,000 15,000 451,520 $616,520 $906,520 100,000 10,000 190,000 $300,000 $600,000 Comparative Income Statement Pete's Patriotic Flags, Inc. Comparative Statement of Income For the Years Ended December 31, 2021 and 2020 2021 2020 1,600,000 1,040,000 $560,000 940,000 693,000 $247,000 Sales Cost of Goods Sold Gross Margin Operating Expenses: Salaries and Wages Expense Rent Expense Depreciation Expense 50,000 20,000 24,000 $94,000 $153,000 Total Operating Expenses Income from Operations Loss on Sale of Equipment Interest Expense 80,000 20,000 30,000 $130,000 $430,000 -500 -8,000 -8,500 421,500 -126,450 $295,050 Increase (Decrease) in Operating Income Income before Taxes Federal Income Taxes Net Income -3,000 -3,000 150,000 -45,000 $105,000 Comparative Statement of Stockholders' Equity Pete's Patriotic Flags, Inc. Comparative Statement of Stockholders' Equity For the Years Ended December 31, 2021 and 2020 2021 Common Stock 165,000 Retained Earnings, Beginning of Year 190,000 Net Income 295,050 Less: Dividends ? Retained Earnings, End of Year $451,520 Total Stockholders' Equity $616,520 $300,000 2020 110,000 95,000 105,000 10,000 $190,000 1. Equipment with a cost of $20,000 was sold for $9,500 cash. 2. Stock was issued for cash. 3. The dividends were paid in cash. 4. The tax rate is 30%