The following comparative balance sheet is geven Es Estern Ca Assets Dec.31.2021 Dec 31, 2020 Cash $351,000 $58,500 Notes Receivable 72,000 63,000 81,000 121,500 Supplies & Inventory Prepaid expense Long-term investments 31,500 54,000 0 81,000 Machines and tools 166,500 144,000 (63.000) Accumulated depreciation equipment Total Assets (45.000) $639,000 $477,000 Liabilities & Stockholders' Equity Accounts payable $ 76,500 $ 31,500 Bonds payable (long-term) 166,500 211,500 Common Stock 180,000 103,500 Retained Earnings 216.000 130.500 $477.000 Total Liabilities & Stockholders' Equity $639.000 Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $130,500 2. Depreciation expense is $18,000. 3. There is a loss of $9,000 resulted from the sale of long-term investment. Additional information (2021): 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $81,000, yielding a $9,000 loss 3. Cash dividends paid is $45,000. 4. The company purchased new machines and tools for $22,500 cash Activate indows Go to Settings to activate We Income Statement Information (2021) 1. Net income for the year ending December 31, 2021 is $130,500 2. Depreciation expense is $18,000 3. There is a loss of $9,000 resulted from the sale of long-term investment Additional information (2021) 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $81,000, yielding a $9,000 loss 3. Cash dividends paid is $45,000 4. The company purchased new machines and tools for $22,500 cash Required: Prepare the FIRST (Operating) and the SECOND (Investing) sections of the statement of cash flows for the year ended December 31, 2021 (PLEASE PROVIDE EACH AMOUNT/TTEM IN A SEPARATE LINE) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) EEA2 BIUS Y Arial Paragraph 10pt P Click Submit to complete this assessment. LXG92 THE WORDS POWERED BY VY o Activate Windows Go to Settings to activate Wednes Question 16 of 16 Save and Submit