During a recent year, Nicole's Getaway Spa (NGS) reported net income of $2,550. The company reported the following activities: a. Increase in inventory of $450. b Depreciation of $3,500. c Increase of $2,220 in prepaid expenses. d. Payments of $5,100 on long-term debt. e Purchased new spa equipment for $7.632 f Payments on accounts payable exceeded purchases by $370. g. Collections on accounts receivable exceeded credit sales by $909. h. Issued $12,000 of common stock Remmired During a recent year, Nicole's Getaway Spa (NGS) reported net income of $2,550. The company reported the following activities: a. Increase in inventory of $450. b. Depreciation of $3,500 c Increase of $2,220 in prepaid expenses d. Payments of $5100 on long-term debt. e Purchased new spa equipment for $7.632 Payments on accounts payable exceeded purchases by $370. g. Collections on accounts receivable exceeded credit sales by $909. h. Issued $12,000 of common stock Required: Based on this information, prepare a statement of cash flows for the year ended December 31 using the indirect method. Assume the cash balance at the beginning of the year was $7,500. (Amounts to be deducted should be indicated with a minus sign.) $ $ NICOLE'S GETAWAY SPA Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities Net Income Depreciation Inventory Changes in Current Assets and Current Liabilities Prepaid Expenses Accounts Payable Accounts Receivable Inventory 2550 3,500 2.101 (2.220) (370) (909) (450) 4,202 Cash Flow from Investing Activities Purchased New Spa Equipment Prepaid Expenses (7.632) (7.632) (15.264) Cash Flow from Financing Activities Payments on Note Payable (long-term) issued New Company Stock (5,100) 12,000