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P17.8A (LO 3 ) AP The following information is provided for Charlie's Chocolate Company: Prepare a cash flow statement-direct method. CHARLIE'S CHOCOLATE COMPANY Balance Sheet May 31 2021 2020 $ 30,675 $ 45,250 86,550 77,250 178,000 158,250 5,300 6,800 128,250 76,500 313,000 193,000 (71,200) (38,250) $670,575 $518,800 $ 41,950 $ 38,250 6,800 5,300 2,500 6,300 125,000 78,250 215,500 164,250 278,825 226,450 $670,575 $518,800 Assets Cash Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable Dividends payable Income taxes payable Mortgage payable Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 1. Profit for 2021 was $113,625. 2. Common shares were issued for $51,250. 3. Land with a cost of $51,250 was sold at a loss of $19,300. 4. Purchased land with a cost of $103,000 with a $56,250 down payment and financed the remainder with a mortgage note payable. 5. No equipment was sold during 2021. 6. Net sales for the year were $673,600. 7. Cost of goods sold for the year was $399,800. 8. Operating costs, including depreciation expense, were $97,700. 9. Interest expense was $5,300. 10. Income tax expense was $37,875. 11. Accounts payable is used for merchandise purchases. Instructions Prepare a cash flow statement for the year using the direct method