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Required: Complete the statement of cash flows (indirect method) shown below by using formulas that reference data from the income statement and balance sheet (found by clicking the tabs at the bottom of this worksheet. Note: Blank cells may be included in calculations. INNOVATION ELECTRONICS, INC. Statement of Cash Flows For the Year Ended December 31, 20X2 Cash Flows from Operating Activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Gain (on sale of land) Changes in current assets and current liabilities: Accounts receivable Inventory Prepaid insurance Accounts payable Interest payable Income tax payable Net cash provided by (used in) operating activities Cash Flows from Investing Activities: Purchase investments Sale of land Net cash provided by (used in investing activities Cash Flows from Financing Activities: Issue common stock Issue long term note Net cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of the period Cash at end of the period Note: To complete the assignment, go to the worksheet tab labeled Cash Flow and complete the statement of cash flows. INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended December 31, 20X2 Net sales $ 2,430,000 Gain on sale of land 6,500 Total revenues 2,436,500 Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense $ 1,565,000 598,000 16,000 17,000 63,000 Total expenses 2,259,000 Net income $ 177,500 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 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Income Statement Balance Sheet 26,500 $ 81,000 Cash Flow 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. Income Statement Balance Sheet Cash Flow +