The following are comparative balance sheets and an income statement for Cole Company Cole Company Balance Sheets Cash Accounts receivable as of December 31 Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Sales Cole Company Income Statement For the Year Ended December 31, 2021 Cost of goods sold: Beginning inventory Purchases Goods available for sale. Less: ending inventory Cost of goods sold Gross profit Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net Income ash dividends of $57,000 were paid in 2021. 2021 2020 $ 137,500 $ 24,000 300,000 180,000 210,000 225,000 0 70,000 $ 617,500 $ 529,000 $ 98,000 $ 120,000 25,000 13,000 70,000 100,000 125,000 125,000 299,500 181,000 $ 617,500 $ 529,000 $775,000 $225,000 330,000 555,000 180,000 375,000 400,000 207,000 193,000 (7,500) $185,500 COLE COMPANY Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Cash inflows: Cash outflows: For operating expenses Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities $ 0