The statement of income and unclassified statement of financial position for Blossom, Inc. follow: BLOSSOM, INC. Statement of Income Year Ended December 31, 2021 Sales $492,000 Cost of goods sold Gross profit Operating expenses Income from operations Other income and expenses nrealized gain on trading investments $8,000 Interest expense Income before income tax Income tax expense Net income Additional information regarding 2021: Additional information regarding 2021: 1. Prepaid expenses and property tax payable relate to operating expenses. 2. New equipment costing $80,000 was purchased for $20,000 cash and a $60,000 long-term bank loan payable. 3. Old equipment having an original cost of $55,000 was sold for $1,000. 4. Accounts payable relate to inventory suppliers. 5. Some of the bank loan was repaid during the year. 6. A dividend was paid during the year. 7. Operating expenses include $46,000 of depreciation expense and a $1,000 loss on disposal of equipment. 8. Common shares were issued for $60,000 cash during the year and some common shares were bought back and retired at the cost they were originally issued at. BLOSSOM, INC. Statement of Cash Flows Year Ended December 31, 2021 Cash flows from operating activities Adjustments to reconcile net income to $