3. Computer Service and Repair was started five years ago by two college roommates. The company's comparative balance sheets and income statement are presented below, along with additional information urrent Year Prior Year Balance Sheet December 31 Cash Accounts receivable Prepaid expenses Equipment Accmulated depreciation 4,000 3.25 70 10 35 (5 4,350 50 4,55 I 1,100 Wages payable Short-term note payable Common stock Retained earnings S 35 25 1,000 2,750 1,000 2.45 4,550 S4,350 Income Statement for Current Year Service revenue Depreciation expense Salaries expense Other expenses Net income $34,000 30,000 3,65 30 Additional Data a. Prepaid expenses relate to rent paid in advance b. Other expenses were paid in cash. c. Purchased equipment for $350 cash at the beginning of the current year and recorded $50 of depreciation expense at the end of the current year d. At the end of the current year, the company signed a short-term note payable to the bank for $250 Required Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.)