please when posting the answer can you make sure the page doesnt cut out so i can see the full answer GL1201 - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information TWENINGS INC Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 61,800 81,000 68.000 6.100 216.900 195,000 140.000 $363.900 $10.400 63,000 94.000 7.600 175,000 181,000 (26.000) $340,000 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum, depreciation Equipment Total assets Liabilities and Equity recounts payable Wagen payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $31.000 7.000 6.500 42.500 40,000 92.500 $ 38,000 17.000 5.000 60.000 80,000 140,000 240.000 41.400 $363.900 170.000 30.000 $340,000 THTHOES Thomas Tomar Taded me 30, 2019 31.038.000 of dolu 633.000 Groe proti Det precione 17.000 Other 180.000 215,000 Other info) Caleat 300 Bene before 213.300 Income taxe 87.110 Net Income 152,950 Additional Information a. A $40.000 note payable is retired at its $40.000 carrying (book) value in exchange for cash b. The only changes affecting retained earnings are not income and cash didends paid New equipment is acquired for $85.000 cash d. Received cash for the sale of equipment that had cost $71000 yielding a $6.900 gain . Prepaid Expenses and Wages Payable relate to the Expenses on the income statement All purchases and sales of inventory are on credit Sant of Cash Flows Direct Method For your Ended June 30, 2010 Cash flows from sering activities Cashflows from investigacies Cash flows from financing activities Datement of Cash Flows (ret Method For Year Ended. 2010 Cash flow from operating activities Amortization expense Cash paid for dividends Cash paid for equipment Cash paid for income taxes Cash flows from financing activities