Robert Jones, Cullumber Enterprises controller, is preparing the financial statements for 2021 as follows. Cullumber Instruments Comparative Balance Sheets As of December 31 2021 Cash $125,000 Accounts receivable, net 290,000 Inventory 134,600 Total current assets 549,600 Property, plant, & equipment, net 300,000 Accumulated depreciation 93.000 Not property, plant, & equipment 207.000 Total Assets $756,600 Accounts payable $153,000 Taxes payable 21,600 Mortgage payable 113.000 Total liabilities 287,600 Common stock 353,000 Retained earnings 116.000 Total stockholders' equity 469.000 Total liabilities & stockholders' oquity $756.600 2020 $83,000 273,000 102,000 458,000 163,000 63.000 100,000 $558,000 $179,000 23,000 0 202,000 293.000 63.000 356,000 $558,000 Cullumber Instruments Cullumber Instruments Income Statement For the Year Ended December 31, 2021 Sales revenue $1,083,000 Cost of goods sold 703,000 Operating expenses Depreciation expense $45,000 Interest expense 10,000 Wages expenses 178,000 Other expenses 19.000 252.000 Income before taxes 128,000 Loss on equipment sale 6,000 Tax expense 66,000 Net Income $56,000 He has gathered this additional information: On December 31, 2021. Cullumber sold a piece of equipment with an original cost of $28,000 for $14.000 cash. The equipment had a book value of $16,000 On February 1, 2021, Cullumber issued $63,000 of common stock to raise cash in anticipation of the purchase of a new building later in the year. On February 2, 2021. Cullumber took out a ten-year $113,000 long-term loan to provide the remaining funds needed to purchase the building. On May 15, 2021. Cullumber paid $165,000 for the new building. The company paid a cash dividend of $12,000. . . Cullumber Instruments Statement of Cash Flows $ : 2 S