BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and Income statement are summarized: Balance sheet at December 31 Cash Accounts receivable Merchandise Inventory Property and equipment Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Current Year Prior Year $ 37,000 32,000 $29,888 28,000 41,000 38,000 132,000 111,000 (41,000) (36,000) $201,000 $170,000 $ 36,000 $27,088 1,288 1,480 38,000 44,888 88,600 72,688 37,280 25,000 $ 281,000 $178,000 $ 120,000 78,000 37,880 $ 12,288 Additional Dat a. Bought equipment for cash, $21,000. b. Paid $6,000 on the long-term note payable. c. Issued new shares of stock for $16,000 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $5,000; wages, $20,000; taxes, $6,000; other, $6,800. * Accounts payable Includes only Inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31, current year, using the Indirect method. Note: List cash outflows as negative amounts. BGP ELECTRICAL SUPPLY 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 provided by operating activities: Cash flows from investing activities: Cash flows from financing activities: 0 0 S 0