Question 6 New Century Mfg. Company comparative balance sheets are presented below. New Century Mfg. Company, Inc. Comparative Balance Sheets 31-Dec 2022 Cash $26,000 Accounts receivable 21,000 Prepaid Insurance Inventory 11,000 Land 32,000 Buildings 62,000 Equipment 140,000 Accumulated depreciation-buildings (16,800) Accumulated depreciation equipment (91,500) Total $ 188,800 5,100 2021 $23,000 24,000 3,000 8,000 45,000 41,000 105,000 (13,500) (75,000) $160,500 Accounts payable Unearned revenue Common stock Retained earnings Total $32,000 $4,000 40,000 112,800 $ 188,800 $47,500 $2,000 30,000 81,000 $ 160,500 Additional information: a. Land was sold during the year for $50,000. No other changes occurred to the land account this year. b. Equipment was sold for $60,000 cash during the year. It had a net book value of $42,000. Original Cost was $84,000. c. An addition was built to the building, creating new space. New equipment was purchased Sales Cost of goods sold Gross profit All other expense Net income New Century Mfg. Company, Inc. Income Statement For the year ending December 31 2022 500,000 320,000 180,000 95,000 85,000 2021 400,000 250,000 150,000 80,000 70,000 All sales were on account. All other expenses were paid in cash without any effect on accounts payable 1. Complete the Statement of Cash Flows for New Century Company using the indirect method. 2. Complete the Statement of Cash Flows for New Century Company using the direct method. Show your calculations based on information in the income statement and on the balance sheet for partial credit