24 X Edita Soch Company was started several years ago by two golf instructors. The company's comparative balance sheets and income stalo nent are presented below, along with additional information. Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expenso Net Income $13,920 2,800 11,000 (3,330) $24,390 $ 1,300 1.120 3,300 10.000 8,670 $24,390 $ 8,750 3,800 10,000 (2.800) $19,750 $ 2,300 1,650 1,000 10,000 4,800 $19,750 $76.200 69,500 530 2,300 $ 3,870 Additional Data: a. Bought new golf clubs using cash. $1,000. b. Borrowed $2,300 cash from the bank during the year. c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that Income Tax Expense was fully paid in cash. Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method (Amounts to be deducted should be Indicated with a minus sign.)