Question 3 t 15 points Below is a comparative balance sheet for Lakehouse Corporation prepared at the end of its current scal year: 2021 2020 ASSETS Current Assets 268,000 238,000 Long Term Investments 60,000 77,000 Patents 549,000 534,000 Total Assets 877,000 849,000 LIABILITIES & EQUITY Current Liabilities 97,000 177,000 Bonds Payable 250,000 200,000 Common Stock 352,000 327,000 Retained Earnings 178,000 145,000 Total Liabilities and Equity 877,000 849,000 Additional Information: 1. 2021 net income of $46,000 includes the effect of amortization expense of $61,000. 2. $86,000 of bonds were issued at face value to acquire patents. No other acquisitions of patents were made during the year. 3. Long term investments were sold at a gain of $19,000. No longterm investments were purchased during the year. 4. All dividends that were declared were paid in cash during 2021. There were no dividends declared in 2020. 5. Patents were sold for a loss of $4,000. Instructions (a) Prepare the investing section of the statement of cash flows for the year ended 12/31/21. (b) Prepare the nancing section of the statement of cash ows for the year ended 12/31/21. YOU MUST SHOW T-ACCOUNTS AND/OR SUPPORTING CALCULATIONS! |.|_. . -..- "n'- EVEI