cash flow question

Cash flow statement [17 marks] The balance sheets for Mountain Air Co. for 2021 and 2020 are given below: Dec. 31/21 Dec. 31/20 Cash $ 7,000 $ 1,000 Accounts receivable 7,000 12,000 Prepaid rent 12,000 2,000 Land 20,000 50,000 40,000 (16,000) Property, plant and equipment Accumulated dep'n - PPE 35,000 (20,000) Total assets $ 100,000 $ 50,000 $ 2,000 $ 5,000 Accounts payable Wage payable Bonds payable 3,000 0 15,000 20,000 Common shares 30,000 15,000 50,000 10,000 Retained earnings Total liab. and shareholders' equity $ 100,000 $ 50,000 Other data: Land 12,000 50,000 2,000 20,000 35,000 Property, plant and equipment Accumulated dep'n - PPE 40,000 Total assets (16,000) $ 100,000 (20,000) $50,000 Accounts payable $ 2,000 $ 5,000 Wage payable 3,000 0 Bonds payable 15,000 20,000 Common shares 30,000 15,000 Retained earnings Total liab. and shareholders' equity 50,000 10,000 $ 100,000 $50,000 Other data: W 1. Net income for 2021 was $70,000. 2. A bond for $20,000 was paid off. 3. A machine originally costing $10,000 and 50% depreciated was sold for $7,000. Required: Prepare a Cash Flow statement for the year ended December 31, 2021. A R