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 Year Prior Year Balance sheet at December 31 Cash $ 37,000 $ 29,000 Accounts receivable 32,000 28,000 Merchandise inventory 41,000 38,000 Property and equipment 132,000 111,000 Less: Accumulated depreciation (41,000 ) (36,000 ) $ 201,000 $ 170,000 Accounts payable $ 36,000 $ 27,000 Accrued wages expense 1,200 1,400 Note payable, long-term 38,000 44,000 Common stock and additional paid-in capital 88,600 72,600 Retained earnings 37,200 25,000 $ 201,000 $ 170,000 Income statement for current year Sales $ 120,000 Cost of goods sold 70,000 Other expenses 37,800 Net income $ 12,200 Additional Data: Bought equipment for cash, $21,000. Paid $6,000 on the long-term note payable. Issued new shares of stock for $16,000 cash. No dividends were declared or paid. 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. (List cash outflows as negative amounts.)