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Click Submit to complete the assessment Question 16 The following comparative balance sheet is given for Eater Co Autis Dec.31.2021 $351,000 Dec.31.2020 $58,500 Cash Notes Receivable 72,000 63.000 81,000 121,500 Supplies & Inventory Prepaid expense Long-twas investment 54,000 31,500 0 81,000 Machines and tools 166.500 144.000 Accumulated depreciation equipment Total Assets (63.000) 345.000) $639.000 $477.000 Liabilities & Steckholders Equity Accounts payable $ 76.500 $ 31,500 Boods payable (long-term) 166,500 211,500 Common Stock 180,000 103.500 Retained Esming 210.000 130.500 $477.000 Total Liabilities & Stockholders' Equity 5.639.000 Income Statement Information (2021) 1. Net income for the year ending December 31, 2021 is $130,500 2. Depreciation expense is $18,000. 3. There is a loss of $9,000 resulted from the sale of long-term investment. Additional information (2011 All sales and purchases of inventory are oo account for credit) 2 Received cash for the sale of long-term investments that had a cost of $81,000, yielding a $9,000 loss 16 JEST DOSTERST Resed Lansings 210 JAN Total Liabilities & Sockholders' Equity 5.039.000 1.300 1477.000 Income Statement Information (2921) 1. Net income for the year ending December 31, 2021 is $130.500, 2 Depreciation expete in $18.000 3. There is a loss of 59,000 resulted from the sale of long-term investment. Additional information/2921) 1. All sales and purchases of inventory are un account (or credit) 2. Received cash for the sale of long-term investments that had a com of $81.000, yielding 19,000 1. Cash dividends paid is $45,000 4. The company purchased new machines and tools for $22.500 ca D Required Prepare the FIRST (Operating) and the SECOND huvesting) sections of the statement of cash flows for the year ended December 31, 2021 (PLEASE PROVIDE EACH AMOUNTITEM IN A SEPARATE LINE) For the toolbar, press ALT-F10 (PC) or ALT INF10 M BIVS Paragraph Arial 10p A Cik Submit to complete this assessment EEA 2 I XOFFER *** Question 16 16