68 POINTS: FULL CASH FLOW you will need to upload your PDF solution of this problem Use the 2020 and 2019 Balance Sheets provided to complete the Statement of Cash Flow for Cash Is King, Inc. You will find "additional information" below that is also needed to prepare the statement. Cash is King, Inc Comparative Balance Sheets for the years ending December 31, 2020 and 2019 ASSETS 12/31/20 12/31/19 CURRENT ASSETS Cash $45,000 $65,000 Accounts Receivable, Net 60,000 80,000 Inventory 25,000 15,000 Total Current Assets $130,000 $160,000 Equipment 250,000 120,000 Accumulated Depreciation (50,000) (40,000) Equipment, net $200,000 $80,000 Land $30,000 $0 TOTAL ASSETS $360,000 $240,000 LIABILITIES CURRENT LIABILITIES Accounts Payable Total Current Liabilities Loan Payable TOTAL LIABILITIES $65,000 $90,000 $65,000 $90,000 $75,000 $0 $140,000 $90,000 EQUITY Land $30,000 $0 TOTAL ASSETS $360,000 $240,000 LIABILITIES CURRENT LIABILITIES Accounts Payable $65,000 $90,000 Total Current Liabilities $65,000 $90,000 Loan Payable $75,000 $0 TOTAL LIABILITIES $140,000 $90,000 EQUITY Paid in Capital $100,000 $50,000 Treasury Stock (10,000) 0 Retained Earnings 130,000 100,000 Total Equity 220,000 150,000 TOTAL LIABILITIES AND $360,000 $240,000 EQUITY ADDITIONAL INFORMATION NEEDED FOR "CASH IS KING" 1) The company had net income of $100,000 for the year ending December 31, 2020 2) During the year equipment costing $60,000 was purchased with a $60,000 loan. 3) During the year the company sold equipment that originally cost $40,000 with accumulated depreciation of $20,000 for $15,000 cash. 4) Assume all other transactions were completed with cash. Question 8 2 pts An accounting student places "Unearned Revenue" on the income statement. O Not enough info to know O This is Correct O This is Incorrect D Question 9 TRUE OR FALSE: A JOURNAL ENTRY THAT IS NOT IN BALANCE IS CORRECT. True False 2 pts