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 Year				Previous Year
Balance Sheet at December 31
Cash	$	62,600			$	67,200
Accounts Receivable		15,400				20,500
Inventory		22,600				20,500
Equipment		225,000				151,000
Accumulated DepreciationEquipment		(61,500	)			(46,000	)
Total Assets	$	264,100			$	213,200
Accounts Payable	$	8,100			$	19,200
Salaries and Wages Payable		2,100				1,000
Note Payable (long-term)		60,500				76,000
Common Stock		102,000				71,000
Retained Earnings		91,400				46,000
Total Liabilities and Stockholders Equity	$	264,100			$	213,200
Income Statement
Sales Revenue	$	203,000
Cost of Goods Sold		91,000
Other Expenses		61,500
Net Income	$	50,500

Additional Data:

Bought equipment for cash, $74,000.

Paid $15,500 on the long-term note payable.

Issued new shares of stock for $31,000 cash.

Dividends of $5,100 were paid in cash.

Other expenses included depreciation, $15,500; salaries and wages, $20,500; taxes, $25,500.

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.)