Qumraa Corporation had the following information in their 2021 annual report:

Qumraa Corporation

Comparative Balance Sheet

December 31,2021

2021

2020

Assets

-

Cash

$ 184,000

$ 120,000

Accounts Receivables

64,000

60,000

Land

100,000

140,000

Building

60,000

20,000

Equipment

110,000

80,000

Accumulated Depreciation - Equipment

(12,000)

(10,000)

Total

$ 506,000

$ 410,000

Liabilities and Stockholders' Equity

Accounts Payable

$ 6,000

$ 10,000

Bonds Payable

100,000

60,000

Common Stocks

240,000

200,000

Retained Earnings

160,000

140,000

Total

$ 506,000

$ 410,000

Additional Information:

Net Income for 2021 was $ 80,000

The company paid $ 60,000 cash for dividends.

A building costing $ 40,000 was purchased by issuing $ 40,000 bonds. All the other changes in the non-current accounts were in exchange for cash.

The land was sold for $ 44,000.

Qumraa Corporation Cash Flow Statement For the Year ended December 31,2021 Cash Flows from operating activities Net Income Adjustments to convert net income to net cash $ 2.000 $ 80,000 Increase in Accounts receivables Decrease in Accounts Payable Net Cash provided by operating activities - Cash Flows from investing activities $ 30,000) Net Cash provided by investing activities Cash Flows from financing activities Issuing common stocks S 40.000 Net Cash used by Financing activities Net increase in cash Cash at the beginning of the period Cash at the end of the period S 64.000 120.000 184.000 $ Non Cash Activities