Please do in excel

Statement of Cash Flows Excel Problem (40 points): Use the following comparative Balance Sheets, Income Statement, and additional information to prepare the 2021 Statement of Cash Flows for Barton Creek Corporation. Use the indirect method to prepare the Operating Activities section. SHOW YOUR WORK for all Investing and Financing Activities. You must show your work in t-accounts and journal entries. USE EXCEL formulas throughout and link all Statement of Cash flow numbers to the financial statements or supporting journal entries/T Accounts. Other Instructions Your work on the take-home problem MUST represent your own work. You may NOT work with other students or seek outside help from anyone. You may use your book and other course materials. Proper Spelling and Formatting are required. Additional information for 2021 transactions: a. All inventory is purchased on account, and the Accounts Payable account is used exclusively for inventory purchases. b. A portion of the company land was sold for $14 million in cash. This land was originally purchased in a previous year for $12 million. c. Land was purchased for $16 million cash for use as a parking lot. d. Equipment was sold in 2021 that had an Accumulated Depreciation balance of $7 million on the date of sale. The equipment originally cost $12 million and was sold at a loss for cash. (HINT: You must determine the amount of cash received.) In 2021, new equipment was acquired by issuing a 10%, five-year, 517 million note payable to the seller. f. During 2021, $36 million of short-term (current) notes payable were paid in cash and $28 million of cash was borrowed in the form of short-term debt (current notes payable). The increase in the common stock account is attributed the issuance of 2 million shares for cash when the market price was $11 per share. Cash dividends were declared and paid to shareholders. (HINT: You must determine the amount of cash dividends paid.) h. Barton Creek Corporation Balance Sheets December 31, 2021 and 2020 ($ in millions) Change 2021 2020 ASSETS Current Assets: Cash Accounts receivable Inventory Prepaid insurance Total Current Assets Property, Plant, & Equipment: Land Equipment Less: Accumulated depreciation Total Property, Plant, & Equipment Total Assets $39 37 57 7 $140 $34 21 59 1 $115 $5 $16 ($2) $6 $25 $0 72 78 (23) $127 $267 68 73 (21) $120 $235 $5 ($2) $7 $32 $31 10 7 7 27 $29 15 9 35 $2 ($5) ($2) LIABILITIES Current Liabilities: Accounts payable Salaries payable Income tax payable Notes payable, current Long-term Liabilities: Notes payable, long-term EQUITY Common stock, $10 par, 50 million shares authorized, 13 million shares issued and outstanding Paid-in capital in excess of par-common stocl Retained Earnings Total Liabilities and Equity ($8) $0 $17 $0 17 0 $120 $100 $ 25 30 $267 23 24 $235 $20 $2 $6 $32 Taylor Creek Corporation Income Statement for the year ended December 31, 2021 rin millions 2021 $180 (120) 60 Sales revenue Cost of goods sold Gross profit Operating expenses: Salaries expense Depreciation expense Insurance expense Income from operations Other income and expenses: Interest expense Gain on sale of land Loss on sale of equipment Income before taxes Income tax expense Net income (10) (9) (7) 34 (5) 2 (4) 27 (3) Barton Creek Corporation Statement of Cash Floys for the year ended December 31, 2021 ($ in millions) Cash flow from from operating activities Net income $24 Adjustmentsts to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation Expence Support for Investing & Financing Activities - T Accounts & Journal Entries A) B) Cash 14 2 Gain on sale Land 12 C) Land 16 Cash 16 D) Cash Loss on sale Accum Depreciation 7 7 Equipment 12 E)