Hello, I need to complete these,

A C 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. 3 4 INNOVATION ELECTRONICS, INC. 5 Income Statement For the Year Ended December 31, 20X2 6 7 Net sales $2,430,000 8 Gain on sale of land 6,500 10 Total revenues 2,436,500 11 12 Expenses: Cost of goods sold Operating expenses Depreciation expense 13 $1,565,000 14 598,000 15 16,000 16 Interest expense Income tax expense 17,000 17 63,000 18 Total expenses 19 2,259,000 20 $ 21 177,500 Net income 22 23 bdved A 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. 3 Note: Additional information is included at the bottom of the statement. B D 4 INNOVATION ELECTRONICS, INC 5 Balance Sheet At December 31 6 7 20X2 20X1 8 Assets Current assets: 10 Cash $ 184,420 $ 68,700 134,500 25,740 11 Accounts receivable 83,000 12 Inventory Prepaid insurance Long-term assets: Investments Land Equipment Accumulated depreciation 128,000 13 2,980 4,560 14 15 211,000 120,000 16 208,500 255,000 17 203,000 203,000 (101,500) 18 (117,500) 19 Total assets 895,600 $ 20 717,800 21 22 Liabilities and Stockholders Equity 23 Current liabilities: 24 Noxt A B C 22 Liabilities and Stockholders' Equity 23 24 Current liabilities: Accounts payable Interest payable Income tax payable 28 Long-term liabilities: Notes payable 30 Stockholders' equity: 25 $ 26,500 $ 81,000 26 3,400 2,300 27 30,200 32,500 29 255,000 242,000 31 Common stock Retained earnings 273,000 230,000 32 307,500 130,000 33 Total liabilities and stockholders' equity 895,600 $ 34 $ 717.800 35 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long term assets, long term liabilities 38 and common stock are a result of cash transactions. 39 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other 40 long-term assets were sold. 41 3. Additional long-term investments were purchased. 42 4. An additional long-term note payable was signed. No repayments on 43 notes were made. 44 5. Additional common stock was issued. 45 el Assignment i Saved A D 23 24 Cash Flows from Investing Activities: 25 Purchase investments 26 Sale of land 27 Net cash provided by (used in) investing activities 28 29 Cash Flows from Financing Activities: 30 Issue common stock 31 Issue long term note 32 Net cash provided by (used in) financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period 36 37