Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 154,350 74,400 86,000 2,200 169,000 87,500 71,900 1,100 435,000 726,000 (403,000) $1,074,950 435,000 625,000 (250,000) $1,139,500 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ 90,000 6,750 6,200 76,900 13,500 4,100 112,500 225,000 655,000 204,500 $1,074,950 655,000 165,000 $1,139,500 Additional Information for 2021: 1. Net income is $60,000. 2. The company purchases $101,000 in equipment. 3. Depreciation expense is $153,000. 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $20.500. 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, 2021 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 operating activities Cash Flows from Investing Activities Net cash flows from investing activities 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