Complete the following problemShow calculations behind your answers where possible and explain your reasoningGrant Wood Corporations balance sheet at the end of $2019$ included the following items:Current assets $($Cash $$82,000)$ $$235,000$ Current liabilities $$150,000$Land $30,000$ Bonds payable $100,000$Buildings $120,000$ Common stock $180,000$Equipment $90,000$ Retained earnings $44,000$Accum. Depr.$-$buildings $(30,000)$ Total $$474,000$Accum. Depr.$-$equipment $(11,000)$Patents $40,000$Total $$474,000$The following is available for $2020$:Net income was $$55,000.$Equipment $($cost $$20,000$ and accumulated depreciation $$8,000)$ was sold for $$10,000.$Depreciation expense was $$4,000$ on the building and $$9,000$ on equipment.Patent amortization was $$2,500.$Current assets other than cash increased by $$29,000.$ Current liabilities increased by $$13,000.$An addition to the building was completed at a cost of $$27,000.$A long$-$term investment in stock was purchased for $$16,000.$Bonds payable of $$50,000$ were issued.Cash dividends of $$30,000$ were declared and paid.Treasury stock was purchased at a cost of $$11,000.$Instructions:$($Show only totals for current assets and current liabilities$)$Prepare a statement of cash flows for $2020.$Prepare a balance sheet at December $31,2020.$Guided Response:When preparing your peer responses, consider the following:What did you discover as you were preparing your initial response that you found to be of interest?Did you run into any difficulties when completing the problem?Is there anything about the problem or concepts that still remains unclear to you?What did you learn this week that relates to the topic$/$concepts presented in the problem?