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Cathy Company reported the following items on its comparative balance sheet at December 31, 2021, and on its Statement of Cash Flows for the year ending December 31, 2021: Comparative Balance Sheets Dec 31, 2020 Dec 31, 2021 $70,000 Cash $170,000 Statement of Cash Flows For the Period Ending December 31, 2021 Net cash inflows from operating activities $150,000 Net cash inflows from investing activities Net cash outflows from financing activities (90,000) Net cash inflows (outflows) from investing activities during 2021 were: O $(160,000) O $(100,000) O $60,000 O $40,000 O $70,000 How does the adjusting entry to record depreciation affect assets, liabilities, and equity? Assets Liabilities Equity No Effect No Effect No Effect Assets Liabilities Equity Decrease Increase No Effect Assets Liabilities Equity No Effect Increase Decrease Liabilities Equity No Effect Increase Liabilities Equity No Effect Decrease O Assets Increase Assets Decrease