The balance sheets for a company, along with additional information are provided below: Balance Sheets December 31, 2021 and 2020 2021 2020 $ 112,000 78,000 95,000 4,000 $ 120,000 92,000 80,000 2,000 Assets Current assets: Cash Atcounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders equity: Common stock Retained earnings Total liabilities and stockholders' equity 480,000 790,000 (428,000) $1,131,000 480,000 670,000 (268,000) $1,176,000 $ $ 99,000 6,000 8,000 85,000 12,000 5,000 100,000 200,000 700,000 218,000 $1,131,000 700,000 174,000 $1,176,000 Additional Information for 2021: 1. Net income is $69.000, 2. The company purchases $120,000 in equipment. 3. Depreciation expense is $160,000. 4. The company repays $100,000 in notes payable. 5. The company declares and pays a cash dividend of $25,000 Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities $ 0 Net cash flows from operating activities Cash Flows from Investing Activities 0 Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities 0