Selected financial statement information and additional data for Diablo Enterprises Go-Kart Corporation is presented below

Diablo Enterprises Go-Kart Corporation

Balance Sheet and Income Statement Data

December 31, December 31,

2020 2021___

Current Assets

Cash $115,000 $193,000

Accounts Receivable 326,000 383,000

Inventory 324,000 206,000

Total Current Assets 765,000 782,000

Property, Plant, and Equipment 1,122,000 1,241,000

Less: Accumulated Depreciation (442,000) (476,000)

680,000 765,000

Total Assets $1,445,000 $1,547,000

Current Liabilities

Accounts Payable $112,000 $155,000

Notes Payable 68,000 61,000

Income Taxes Payable 66,500 107,000

Total Current Liabilities 246,500 323,000

Bonds Payable 391,000 340,000

Total Liabilities 637,500 663,000

Stockholders' Equity

Common Stock 467,500 510,000

Retained Earnings 340,000 374,000

Total Stockholders' Equity 807,500 884,000

Total Liabilities & Stockholders' Equity $1,445,000 $1,547,000

Additional Information:

1. Net Income for the year ending December 31, 2021 was $164,000

2. During the year, the company sold equipment at a sale price below its book value.

The sale resulted in a loss of $12,000. This equipments original cost was $147,000.

Accumulated depreciation totaled $119,000 on the date it was sold.

3. They purchased new equipment for $266,000.

Required:

Prepare a statement of cash flows in proper form for the year ending December 31, 2021.