4 Shallow Waters Company was started several years ago by two diving instructors. The company's comparative balance sheets and income statement are presented below, along with additional information. 2 points Balance Sheet at December 31 Cash Skipped Current Year Prior Year $ 4,000 $4,500 Accounts receivable Prepaid expenses Equipment 1,300 100 800 250 700 $6,100 $5,550 Wages payable eBook Common stock and additional paid-in capital Retained earnings 5 650 $1,100 1,700 1,400 3,750 3,050 Hint $6,100 $5,550 Income Statement for Current Year Lessons revenue Print Wages expense Other expenses Net income $34,550 30,200 3,650 $ 700 References Additional Data a. Prepaid expenses relate to rent paid in advance. b. Other expenses were paid in cash. c. Purchased equipment for $700 cash at the end of the current year to be used starting in following year. d. An owner contributed capital by paying $300 cash in exchange for the company's stock. 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.) 2 points Skipped eBook Hint Print Required: Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash out negative amounts.) SHALLOW WATERS COMPANY Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Cash flows from investing activities: References 0 0 Cash flows from financing activities: 0 $ 0