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: Prior Year Current Year Balance sheet at December 31 Cash $29,000 37,000 32,000 41,000 Accounts receivable 28,000 38,000 Merchandise inventory Property and equipment Less: Accumulated depreciation 132,000 (41,000) $201,000 111,000 (36,000) $170,000 Accounts payable Accrued wages expense 36,000 1,200 38,000 88,600 27,000 1,400 44,000 72,600 25,000 Note payable, long-term Common stock and additional paid-in capital Retained earnings 37,200 $201,000 $170,000 Income statement for current year Sales $120,000 Cost of goods sold Other expenses 70,000 37,800 12,200 Net income Additional Data 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. f. 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.) 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