Question 52 (13 points) The financial statements for Nackawic Inc. are below. Nackawic Inc. Balance Sheet December 31 Assets Current Prior Year Year $92.700 $47.250 90,800 37.000 121,900 102,650 84 500 107.000 290.000 205.000 Cash Accounts Receivable Inventories Available-for-sale securities Property, Plant & Equipment Accumulated Amortization Total Assets 149.5001 40.000 $630.400 5458.900 552.700 $48.200 12.100 18.30 140,000 70.000 250.000 200.000 175.600 121.790 5630.400 SCSE 200 8 Liabilities & Shareholder's Equity Accounts Payable Accrued Expenses Payable Notes Payable Common Shares Retained Earnings Total Liabilities & Shareholder's Equity 51 > 54 Nackawic Inc. Statement of Earnings Year Ended December 31. Current Year Revenues Sales Gain on sale of equipment F&E FOD FOR f- Logitech FO o F6B JOJ. W 20.2 IULAI LIQUIRILIES & Jldienuti > CYLILY Nackawic Inc. Statement of Earnings Year Ended December 31, Current Year Revenues Sales Gain on sale of equipment $297,500 8.750 306,250 Expenses Cost of Goods Sold Amortization Expense Operating Expenses Interest Expense Loss on sale of available-for-sale securities Earnings before income taxes Income tax expense Net earnings $99,460 58,700 14,670 2,940 7.500 183.270 122,980 32.670 $90,310 Additional information: i. Available-for-sale securities were sold for 115,000, reiting to low of 17 ii. New equipment costing $141,000 was parchased for cash during the per iii. Equipment costing $56,000 was sold for $15,550, rating in a gada at 11,750 iv. Accounts Payable relato only to merchandise appliers Prepare a complete cash flow statement using the direct method. 56- Logitech