Suppose the income statement for Goggle Company reports $70 of net income, after deducting depreciation of $35. The company bought equipment costing $60 and obtained a long-term bank loan for $60. The company's comparative balance sheet, at December 31, indicates the following Required 1. Calculate the change in each balance sheet account, and indicate whether each account relates to operating, investing, and/or financing activities. (Decreases should be indicated with minus sign.) Previous Year Current Year Change Type Cash Accounts Receivable Inventory Equipment Accumulated Depreciation 205 175 135 560 (80) 995 75 260 500 Total 825 $ Previous Year Current Year Change Type 205 175 135 560 (80) 995 50 505 10 430 995 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation 75 260 500 (45) 825$ Total Wages Payable Long-Term Debt Contributed Capital Retained Earnings 10 445 10 360 Total 825$ GOGGLE COMPANY Statement of Cash Flows For the Year Ended December 31 Cash flows provided by operating activities: Adjustments to reconcile net income to cash provided by operating activities Changes in current assets and current liabilities 0 Cash flows used in investing activities Cash flows used in investing activities 0 Cash flows provided by financing activities 0 Net change in cash Cash, beginning of year Cash, end of year 0