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: Current YearPrior YearBalance sheet at December $31$ Cash$ $37,500$$ $29,900$Accounts receivable$32,80029,000$Merchandise inventory$44,00038,400$Property and equipment$121,700100,900$Less: Accumulated depreciation$(31,100)(25,400)$ $ $204,900$$ $172,800$Accounts payable$ $36,900$$ $28,000$Accrued wages expense$1,7001,900$Note payable, long$-$term$44,80050,200$Common stock and additional paid$-$in capital$90,00073,000$Retained earnings$31,50019,700$ $ $204,900$$ $172,800$Income statement for current year Sales$ $124,000$ Cost of goods sold$74,000$ Other expenses$38,200$ Net income$ $11,800$ Additional Data:Bought equipment for cash, $$20,800.$Paid $$5,400$ on the long$-$term note payable.Issued new shares of stock for $$17,000$ cash.No dividends were declared or paid.Other expenses included depreciation, $$5,700$; wages, $$20,500$; taxes, $$6,800$; other, $$5,200.$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.