please create a cash flow and income statement

Note: To complete the assignment, go to the worksheet tab labeled Cash Flow and complete the statement of cash flows. Note: Additional information is included at the bottom of the statement. INNOVATION ELECTRONICS, INC. Balance Sheet At December 31 20X2 20X1 Assets Current assets: Cash $ 184,420 $ 25,740 Accounts receivable 68,700 83,000 Inventory 134,500 128,000 Prepaid insurance 2,980 4,560 Long-term assets: Investments 211,000 120,000 Land 208,500 255,000 Equipment 203,000 203,000 Accumulated depreciation (117,500) (101,500) Total assets $ 895,600 $ 717,800 26,500 $ 3,400 30,200 81,000 2,300 32,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 255,000 242,000 273,000 307,500 230,000 130,000 Total liabilities and stockholders' equity $ 895,600 $ 717,800 Additional Information for 20X2: 1. Assume that all increases and decreases in long term assets, long term liabilities, and common stock are a result of cash transactions. 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other long-term assets were sold. 3. Additional long-term investments were purchased. 4. An additional long-term note payable was signed. No repayments on notes were made. 5. Additional common stock was issued