Balance Sheet Year 1 Year 2 Year 3 Assets Cash 50,000 40,000 92,000 Prepaid Insurance 6,000...

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Balance Sheet Year 1 Year 2 Year 3 Assets Cash 50,000 40,000 92,000 Prepaid Insurance 6,000 3,000 6,000 Accounts Receivable 25,000 45,000 30,000 Inventory 10,000 10,000 39,000 Building 100,000 100,000 Accumulated Depreciation 25,000 30,000 Book Value of Building 75,000 70,000 Investments 10,000 Total Assets 166,000 168,000 177,000 Liabilities Accounts Payable 25,000 15,000 40,000 Notes Payable 80,000 10,000 Interest Payable 4,000 1,000 Total Liabilities 109,000 16,000 50,000 Owners Equity Retained Earnings 50,000 75,000 50,000 Stock 7,000 77,000 77,000 57,000 152,000 127,000 Total Owners Equity Total Liabilities & Owners 166,000 168,000 177,000 Equity Income Statement Revenues COGS Gross Profit Insurance Expense Depreciation Expense Interest Expense Net Income Year 2 Year 3 120,000 150,000 65,000 75,000 55,000 75,000 3,000 3,000 5,000 5,000 1,000 2,000 46,000 65,000 2 pts Using the attached Balance Sheet (Beginning Balance = Year1 and Ending Balance = Year2) and Income Statement from Year 2, what is Cash Paid for Inventory? Please enter a positive number, even though it represents cash paid. Balance Sheet Year 1 Year 2 Year 3 Assets Cash 50,000 40,000 92,000 Prepaid Insurance 6,000 3,000 6,000 Accounts Receivable 25,000 45,000 30,000 Inventory 10,000 10,000 39,000 Building 100,000 100,000 Accumulated Depreciation 25,000 30,000 Book Value of Building 75,000 70,000 Investments 10,000 Total Assets 166,000 168,000 177,000 Liabilities Accounts Payable 25,000 15,000 40,000 Notes Payable 80,000 10,000 Interest Payable 4,000 1,000 Total Liabilities 109,000 16,000 50,000 Owners Equity Retained Earnings 50,000 75,000 50,000 Stock 7,000 77,000 77,000 57,000 152,000 127,000 Total Owners Equity Total Liabilities & Owners 166,000 168,000 177,000 Equity Income Statement Revenues COGS Gross Profit Insurance Expense Depreciation Expense Interest Expense Net Income Year 2 Year 3 120,000 150,000 65,000 75,000 55,000 75,000 3,000 3,000 5,000 5,000 1,000 2,000 46,000 65,000 2 pts Using the attached Balance Sheet (Beginning Balance = Year1 and Ending Balance = Year2) and Income Statement from Year 2, what is Cash Paid for Inventory? Please enter a positive number, even though it represents cash paid.