Chegg Presented below is the information for Irvine Corp.: Irvine Corp.. has prepared the following comparative balance sheets for 2020 and 2021: 2021 2020 Prepaid expenses 1,800 2,700 Cash 28,200 15,300 Accounts receivable 13,900 17,000 Inventory 36,500 26,000 Patent 15,300 17,400 Plant assets 129,500 105,000 Accumulated depreciation -45,000 -37,500 180,200 145,900 Accounts payable 15,300 16,800 Accrued liabilities 6,000 4,200 Mortgage payable 0 58,300 Additional Paid In Capital 12,000 0 Preferred stock 74,000 Common Stock 60,000 60,000 Retained earnings 12,900 6,600 180,200 145,900 The income statement for 2021 is as follows: The income Statement for 2021 is as follows: Sales revenue $198,000 Cost of sales 108,900 Gross profit 89,100 Operating expenses 69,000 Net income $20,100 Other Facts: Included in operating expenses: Depreciation Expense 7500 Vehicle expense 2800 Interest Expense 15600 Gain on Sale of Asset 5000 Pension Contribution 7500 Other: Dividends 13800 Cash Rec'd From Sale of Assets 35000 Basis of Assets Sold 30000 PREPARE A PERFECT CASH FLOW STATEMENT

Cash Flow from Operating Activities

Net income                                                                              20,100

Adjustments for Non-Cash items :

Amortization of Patent                                                              2,100

Depreciation                                                                              7,500

Gain on Sale of Asset                                                              (5000)

Adjustments for Working Capital Items :

Decrease in Prepaid expenses                                                  900

Decrease in Accounts receivable                                            3,100

Increase in Inventory                                                             (10,500)

Decrease in Accounts payable                                               (1,500)

Increase in Accrued liabilities                                                  1,800

Cash Flow from Investing  Activities

Purchase of Plant assets                                                        (24,500)

Cash Rec'd From Sale of Assets                                             35,000

Cash Flow from Financing Activities

Decrease in  Mortgage payable                                            (58,300)

Increase in Paid In Capital                                                        12,000

Dividends Paid                                                                          (13,800)

Movement During the year

Cash and Cash Equivalents at Beginning of the year          15,300

Cash and Cash Equivalents at End of the year                    28,200

Explanation:

Prepare the Cash flow Statement under the following headings

1.Cash Flow from Operating Activities

2.Cash Flow from Investing  Activities

3.Cash Flow from Financing Activities

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