Problem 1 The following represents a condensed version of a firm's current and projected balance sheets, as well as a condensed version of their projected income statement. From the information given, please prepare a formal Statement of Cash Flows projected for the firm as of December 31, 2021. 2021 2020 2021 Cash $ 2,000 $ 1,600 Sales $100,000 Accts. Receivable 12,000 5,200 CGS 80,000 Inventory _14,000 15,600 Gross Profit 20,000 Total Current Assets 28,000 22,400 Cash Expenses 8,000+ Fixed Assets _27,000 20,000 Depreciation 1,600 Accum. Depreciation (16,000) (14,400) Amortization 1,500 Goodwill 20,500 22,000 EBIT Total Assets $59.500 $50.000 Less-Interest 900 EBT 8,000 Accounts Payable $ 3,000 $ 2,500 Less - Taxes 3,2004 Accrued Expense 1,000 1,500 Net Income $ 4,800 Notes Payable - Currently Due 4,000 3,000 Total Current Liabilities 8,000 7,000 Notes Payable Non-Current 7,700 2,000 Common Stock 9,000 9,000 Retained Earnings 34,800 32,000 Total Liabilities & Capital $59.500 $50,000 8,9004