Question 2 Balance Sheet 12/31/20X1 12/31/20X2 64,000 22,000 10,000 4,000 100,000 100,000 20,000 14,000 7,000 141,000 Assets Cash Accounts Receivable Inventory Prepaid Rent Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities Owners Equity Stock Retained Earnings Total Equity Total Liabilities + Equity 5,000 10,000 15,000 1,000 25,000 26,000 75.000 10,000 85,000 100,000 90,000 25,000 115,000 141,000 The Income Statement includes the following information: Revenues $132,000 COGS (49,250) Rent Expense (3,000) Insurance Expense (2,000) What is the Cash Paid for Inventory? Show this as a positive number, even though it's cash paid