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Question 5 (15 points) Below is a comparative balance sheet for Lakehouse Corporation prepared at the end of its current fiscal year: 2021 2020 ASSETS

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Question 5 (15 points) Below is a comparative balance sheet for Lakehouse Corporation prepared at the end of its current fiscal year: 2021 2020 ASSETS Cash 181,000 138,000 Accounts Receivable, Net 52,000 70,000 Inventory 35,000 30,000 Long Term Investments 60,000 77,000 Patents 549,000 534.000 Total Assets 877,000 849,000 LIABILITIES & EQUITY Accounts Payable 50,000 136,000 Salaries Payable 47,000 41,000 Bonds Payable 250,000 200,000 Common Stock 352,000 327,000 Retained Earnings 178,000 145,000 Total Liabilities and Equity 877,000 849,000 Additional Information: 1. Dividends of $13,000 were declared and paid during 2021. There were no dividends declared in 2020. 2. Long term investments with an original cost of $17,000 were sold for $36,000. No long-term investments were purchased during the year. 3. $86,000 of bonds were issued at face value to acquire patents. No other acquisitions of patents were made during the year. 4. Patents were sold for $6,000 that originally cost $10,000. Instructions (a) Prepare the operating section of the statement of cash flows for the year ended 12/31/21. YOU MUST SHOW T-ACCOUNTS AND/OR SUPPORTING CALCULATIONS

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