Question 1 The Fisheries Processing Corporation prepared the following income statement and comparative balance sheet for 2021 FISHERIES PROCESSING CORPORATION Income Statement Year Ended December 31, 2021 Sales Cost of goods sold Gross profit... Depreciation expense Other operating expenses Interest expense. Loss on sale of land Income before taxes Income taxes $1,800,000 380.000 920,000 227.000 197,000 165,000 120.000 211,000 70.809 $ 140,200 Profit 2020 $ 200,000 670,000 2,090,000 800,000 (560,000 219.000 $ 3.419.000 FISHERIES PROCESSING CORPORATION Comparative Balance Sheet December 31 2021 Assets Cash $385.200 Accounts receivable 640,000 Merchandise inventory 2,336,000 Property, plant, and equipment 880,000 Less: Accumulated depreciation (787,000) Goodwill 219.000 Total Assets $3.673.200 Liabilities and Shareholders Equity Accounts payable $ 389,000 Other accrued payables 160,000 Dividends payable 80,000 Income taxes payable 27,000 Note payable long-term 180,000 Bonds payable 900,000 Common shares 1,600,000 Retained earnings 337.200 Total Liabilities & Shareholders' Equity 5.3.673.200 Additional data: $ 265,000 240,000 80,000 42,000 560,000 400,000 1,600,000 232.000 5.3.419.000 Busi 2222 Handout Assignment ch 17 Due: April 1, 2020 1 Equipment was purchased for $400,000. 2 Land was sold for cash proceeds of $ 200,000. 3. The company sold bonds of $ 500,000 and made $ 380,000 of principal payments on notes payable Instructions Prepare a cash flow statement for 2021, using the indirect method