You have been hired by Jung Hee Yu, a successful entrepreneur, to assist in analyzing the balance sheet for her two-year-old hotel, the Seiko Inn. The following are the condensed balance sheets of the Seiko Inn. Seiko Inn Condensed Balance Sheets December 31, 20X1 and 20X2 20X1 20X2 Cash $ 30,000 $ 40,000 Accounts receivable 190,000 225,000 Inventory 30,000 35,000 Building (net) 10,000,000 9,500,000 Property and equipment (net) 1,400,000 1,500,000 Other assets 200,000 100,000 Total Assets $ 11,850,000 $ 11,400,000 Accounts payable Wages payable Current maturities-LTD Long-term debt Total Liabilities Owner's Equity Total Liabilities and Owner's Equity $ 140,000 60,000 500,000 8,500,000 9,200,000 2,650,000 $ 11,850,000 $ 135,000 15,000 500,000 8,000,000 8,650,000 2,750,000 $ 11,400,000 5. If equipment costing $230,000 was purchased during 20X2 and there were no equipment disposals, what was the depreciation expense related to equipment for 20X2? 6. How did the change in accounts receivable from the two balance sheets affect cash flows for 20X2? 7. Based solely on the two balance sheets, how much long-term debt was paid in 20X2? 8. Assuming $50,000 of cash was "withdrawn by J. Yu during 20x2 and that owner's equity is affected only by net income and withdrawals, what was the net income of the Seiko Inn during 20X2