The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers d MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 (5 in nillions) Sales $150.60 Cost of goods sold (90.30) Gross margin 60.30 Salaries expense $20.60 Insurance expense 12.60 Depreciation expense 5.30 Interest expense 6.30 (44.80) Gains and losses: Gain on sale of equipment 12.60 Loss on sale of land (2.60) Incone before tax 24.50 Income tax expense (12.25) Net Income $ 12.25 cet $ 12.25 Reconciliation of Net Income to Net Cash Flows from Operating Activities (5 in millions) Net Income Adjustments for noncash effects Decrease in accounts receivable Goin on sale of equipment Increase in inventory Increase in accounts payable Increase in salaries payable Depreciation expense Decrease in bond discount Decrease in prepaid Insurance Loss on sale of land Increase in incore tax payable Niet cash flows from operating activities 5.30 (12.60) (6.30) 9.30 3.30 5.30 3.15 2.30 3.60 6.30 5 31.90 Required: 1. Provide the summary journal entries which shows the cash now for each of the following for Mike Roe Computers during the reporting period (a) received from customers. (b) paid to suppliers, (c) paid to employees. (d) paid for interest (e) paid for insurance. (1) paid for income taxes 2. Prepare the cash flows from operating activites section of the statement of cash flows (direct method) Complete this question by entering your answers in the tabs below Required 1 Required 2 Provide the summary journal entries which shows the cash flow for each of the following for Mike Roe Co period: (a) received from customers, (b) paid to suppliers, (c) paid to employees, (d) paid for interest, income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the fir answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet Record the summary journal entry showing cash received from customers during the reporting period. Note: Enter debits before credits. Event General Journal Debit Credit a Record entry Clear entry View general journal Required 2 > Required 1 Required 2 Provide the summary journal entries which shows the cash flow for each of the following for Mike Roe Computers duri period: (a) received from customers, (b) paid to suppliers, (c) paid to employees, (d) paid for interest, (e) paid for ins income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fie answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet Record the summary journal entry shqwing cash paid for interest during the reporting period. Note: Enter debits before credits. Event General Journal Debit Credit d Record entry Clear entry View general journal Required 1 Required 2 Provide the summary journal entries which shows the cash flow for each of the following for Mike Roe Computers durim period: (a) received from customers, (b) paid to suppliers, (c) paid to employees, (d) paid for interest, (e) paid for ins income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fie answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list tes Journal entry worksheet > Record the summary journal entry shawing cash paid for insurance during the reporting period. Notes Enter debits before credits Event General Journal Debit Credit e Record entry Clear entry View general journal Required 1 Required 2 Provide the summary journal entries which shows the cash flow for each of the following for Mike Roe Compute period: (a) received from customers, (b) paid to suppliers, (c) paid to employees, (d) paid for interest, (e) paid income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first acco answers in millions rounded to 2 decimal places (I.e., 5,500,000 should be entered as 5.50).) ok View transaction list nces Journal entry worksheet