Solve the following question for

1- Prepare a cash flow statement for the year using the direct method.

2- Note X: Land with a cost of $ --------- was purchased by paying $ ------------- cash and issuing a mortgage note payable for $--------------- .

The following information is provided for Orioles Chocolate Company:

ORIOLE CHOCOLATE COMPANY Balance Sheet May 31
Assets		2021			2020
Cash		$32,925			$43,000
Accounts receivable		83,400			75,000
Inventory		169,000			156,000
Prepaid expenses		4,400			5,900
Land		117,000			72,000
Equipment		304,000			184,000
Accumulated depreciationequipment		(62,200	)		(36,000	)
Total assets		$648,525			$499,900
Liabilities and Shareholders Equity
Accounts payable		$40,600			$36,000
Dividends payable		5,900			4,400
Income taxes payable		1,600			5,400
Mortgage payable		116,000			76,000
Common shares		211,000			162,000
Retained earnings		273,425			216,100
Total liabilities and shareholders equity		$648,525			$499,900

Additional Information:
1.		Profit for 2021 was $116,325.
2.		Common shares were issued for $49,000.
3.		Land with a cost of $49,000 was sold at a loss of $18,400.
4.		Purchased land with a cost of $94,000 with a $54,000 down payment and financed the remainder with a mortgage note payable.
5.		No equipment was sold during 2021.
6.		Net sales for the year were $671,800.
7.		Cost of goods sold for the year was $398,000.
8.		Operating costs, including depreciation expense, were $95,900.
9.		Interest expense was $4,400.
10.		Income tax expense was $38,775.
11.		Accounts payable is used for merchandise purchases.