4 5.00 points Exercise 11-10 Prepare a statement of cash flows-indirect method (LO11-2, 11-3) The balance sheet for Plasma Screens Corporation, along with additional information, are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $ 108,900 $ 126,800 97,000 89,000 3,000 82,000 105,000 6,000 Long-term assets: Land 530,000 720,000 438,000(288,000) 530,000 830,000 Equipment Accumulated de preciation $ 1,223,900 $ 1,277,800 Total assets Liabilities and Stockholders' Equity: Current liabilities $109,000$ 94,000 13,800 6,000 s payable 6,900 Interest payable 10,000 115,000 750,000 Income tax payable Notes payable Common stock Long-term liabilities 230,000 Stockholders' equity: 750,000 184,000 233,000 Retained earnings $ 1,223,900 $ 1,277,800 Total liabilities and stockholders' equity Additional Information for 2018: 1. Net income is $79,000. 2. The company purchases $110,000 in equipment. 3. Depreciation expense is $150,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $30,000. Required: Prepare the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2018 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities 0 Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period 0