Question 1 Balance sheet statement for a resort hotel reflects the following information Changes to current accounts occoured over the annual period ended December 31st 2008 Cash account balance at December 31st 2007 was $12,020 The ending cash balance at 31 st December 2008 was $30,840 Aditional information included below: a. Net income for the year 2008 was $112,400 b. Depreciation expense for the year 2008$120,000 c. Furnishings with a book value of $5400 was sold for $8,600 d. Equipment with a book value of $2800 was sold for $2,000 e. New furnishings were purchased for $16,800 f. New equipment was purchased for $24,200 g.A total of $54,800 was paid to reduce long term debt. h. Cash dividends of $122,400 were declared and paid