Audio City, Inc. is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below Current Previous Year Year Balance Sheet at December 31 S 60,000 S 65,000 15,000 20,000 22,000 20,000 223,000 150,000 Accumulated Depreciation-Equipment (0,000) (45,000) Equipment 5260,000 5210,000 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Eamings S 8,000 S 19,000 1,000 60,000 75,000 00,000 70,000 90,000 45,000 2,000 5260,000 5210,000 Sales Revenue Cost of Goods Sold Other Expenses 200,000 90,000 60,000 Net Income S 50,000 Additional Data a. Bought equipment for cash, 573,000. b. Paid $15,000 on the long-term note payable. c. Issued new shares of stock for 530,000 cash d. Dividends of $5,000 were paid in cash. e. Other expenses included depreciation, 515,000, salaries and wages, 520,000, taxes, $25,000 f. Accounts Payable includes only inventory purchases made on credit. Because a liability relating to taxes does not exist, assume that they were 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 by a minus sign.) Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: to Net Income to Net Provided by Operating Activities Cash Flows from Investing Activities Cash Flows from Finacng Activites