Problem 1 Financial information for Arenn Company at December 31, 2021, and for the year then ended, are presented below: Statement of Financial Position December 31, 2021 2020 Cash P 31,000 P 15,000 Accounts receivable 23,500 30,000 Allowance for doubtful accounts {2,000} {1,500} Inventory 15,000 10,000 Prepaid insurance 1,400 2,400 Property, plant, and equipment 81,000 80,000 Accumulated depreciation (16,000} {20,000} Land 31,100 40,100 T019] 355$ w M Accounts payable P 1 1,000 P 10,000 Wages payable 1,000 2,000 Interest payable 1,000 - Notes payable, long-term 415,000 20,000 Common stock, no par 136,000 100,000 Retained earnings 25,000 24 000 Total liabilities and stockholders\" equity P 220,000 P l 000 Income Statement Sales revenue P 80.000 Cost of goods sold (35,000) Depreciation expense (5,000) Bad debt expense (1,000) Insurance expense (1,000) Interest expense (2,000) Salaries and wages expense (12,000) Income tax expense (3,000) Remaining expenses (13,000) Loss on sale of operational assets (2,000) Net income 6.000 Additional information: 1. Wrote off P500 accounts receivable as uncollectible. 2. Sold an operational asset for P4,000 cash (cost, P15,000, accumulated depreciation, P9,000). 3. Issued common stock for P5,000 cash.4. Declared and paid a cash dividend of P5,000. 5. Purchased land for P20,000 cash. 6. Acquired land for P21,000, and issued common stock as payment in full. 7. Acquired operational assets, cost P16,000; issued a P16,000, three-year, interest- bearing note payable. g. Paid a P10,000 long-term note installment by issuing common stock to the creditor. 9. Borrowed cash on a long-term note, P20,000. Required: Determine the net cash provided (used) by(in) 1. Operating activities 2. Investing activities 3. Financing activities