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Psychodelia Fixation Balance sheet as at December 31 20222021 ASSEIS \begin{tabular}{lrr} Cash & 97,800 & 48,400 \\ Held for trading investments & 128,000 & 114,000 \\ Accounts receivable & 79,000 & 43,000 \\ Inventory & 131,000 & 100,300 \\ Prepaid insurance & 18,400 & 26,000 \\ Equipment & 270,000 & 242,500 \\ Accumulated depreciation & (50,000) & (52,000) \\ \hline Total assets & 674,200 & 522,200 \\ & & \end{tabular} LIABILITIES AND SHAREHOLDER'S EQUITY AccountspayableAccruedliabilitiesDeferredrevenueBankloanpayableCommonsharesRetainedearningsTotalliabilitiesandequity93,00011,30011,900110,000200,000248,000674,20077,3007,0007,500150,000175,000105,400522,200 Psychodelia Fixation Income Statement for the year ended December 31,2022 Sales Cost of goods sold Gross profit Operating expenses Operating income Other revenue and expenses Unrealized gain (loss) on held for trading investments 14,000 Interest income (expense) Income before tax Income tax expense Net income New equipment costing $85,000 was purchased for $25,000 and a $60,000 long term bank loan. Old equipment costing $57,500 was sold resulting in a gain of $7,500. Operating expenses includes depreciation expense of $46,500. An unrealized gain on held for trading investments of $14,000 was recorded. Operating activities Cash receipts: Cash receipts from customers Cash disbursements: Cash payments to suppliers Cash payments for operating expenses Cash payments for income tax Cash payments for interest Net cash provided by operating activities Question 21 ( 20 points)