Current Year Prior Year Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings $ 67,250 20,050 26,050 214,350 (63,700) $264,000 $ 13,700 5,500 64,200 104,500 76,100 $264,000 $ 66,400 26,050 21,000 153,300 (48,050 $218,700 $ 24,100 6,100 76,300 67,900 44,300 $218,700 Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income $214,000 111,000 15,650 44,900 $ 42,450 Additional Data: a. Bought equipment for cash, $61,050. b. Paid $12,100 on the long-term note payable. c. Issued new shares of stock for $36,600 cash. d. Dividends of $10,650 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. Required: 1. Prepare the statement of cash flows using the indirect method for the year ended December 31, current year. (List cash outflows as negative amounts.)