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Problem 14 The operations of The McKenzie, a small lodging operation, are becoming more complex. Ms. Jo McKenzie, the owner, has asked for your help in preparing her statement of cash flows. She is able to present you with condensed balance sheets and some additional information The McKenzie Condensed Balance Sheets December 31, 20X3 and 20X4 20x3 20X4 Cash $ 10,000 $ 6,000 Accounts Receivable 26,500 25,500 Investments 10,000 5,000 Equipment 200,000 325,000 Accumulated Depreciation (20,000) (40,000) Total Assets $226,500 5321,500 Current Liabilities: Accounts Payable $ 18,000 $ 21,000 Mortgage Payable (Current) 5,000 5,000 Dividends Payable 5,000 5,000 Noncurrent Liabilities: Mortgage Payable 75,000 70,000 Notes Payable 40,000 50,000 73,500 100,000 80,500 Common Stock Retained Earnings Total Liabilities and Owners' Equity Additional information for 20X4: $226,500 $321,500 1. Equipment that cost $20,000 depreciated to its salvage value of $2,000 and was sold for $8,000. 2. Common stock, purchased as a long-term investment for $5,000, was sold for $15,000. 3. Dividends declared totaled $15,000. 4. Equipment was purchased for $145.000 5. Depreciation expense totaled $38,000. 6. Long-term debt of $5,000 was reclassified as current and $5,000 of long-term debt was paid. Common stock of $50,000 was sold and long-term debt of $40,000 (note payable) was borrowed. & The McKenzie generated net income of $22,000. Do not build the SCF, only list the area of the SCF to which the items listed above should go. Consider both balance sheet accounts and additional information provided. (hint: not all items listed should go to SCF, refer to next page for the sample answer format) Item cash A/R Area of SCF Cash-beginning of the period & end of the period cash flows from operating activities Al 1: sale of equipment Al 2: sale of investment Al 3:... Al 4 . ALS... Al 6:.. Al 7.... Al 8: ... (Al stands for Additional information )