Chapter 11b Exercise 11-10A Prepare a statement of cash flows-indirect method (LO11-3, 11-4, 11-5) The balance sheets for Plasma Screens Corporation, along with additional information are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 111,950 $ 129,000 Accounts receivable 80,880 95,500 Inventory 102,000 86,300 Prepaid rent 5,400 2,700 Long-term assets: Land 515,000 515,000 Equipment 818,000 705,000 Accumulated depreciation (435, 000) (282,000) Total assets $1,198, 150 $1,251,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 106,000 $ 91,300 Interest payable 6,750 13,500 Income tax payable 9,400 5,700 Long-term liabilities: Notes payable 112,500 225,000 Stockholders' equity: Common stock 735,000 735,000 Retained earnings 228,500 181,000 Total liabilities and $1,198,150 $1,251,500 stockholders' equity Additional Information for 2021 1. Net income is $76,000, 2. The company purchases $113,000 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 $28,500 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 $ 0 Net cash flows from operating activities Cash Flows from Investing Activities 0 Net cash flows from investing activities Cash Flows from Financing Activities 0 Net cash flows from financing activities