Exercise 11-10 Prepare a statement of cash flows-indirect method (LO11-2, 11-3)

The balance sheet for Plasma Screens Corporation, along with additional information, are provided below:

PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017
	2018		2017
Assets:
Current assets:
Cash	$	108,900	$	126,800
Accounts receivable		82,000		97,000
Inventory		105,000		89,000
Prepaid rent		6,000		3,000
Long-term assets:
Land		530,000		530,000
Equipment		830,000		720,000
Accumulated depreciation		(438,000)		(288,000)
Total assets	$	1,223,900	$	1,277,800
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable	$	109,000	$	94,000
Interest payable		6,900		13,800
Income tax payable		10,000		6,000
Long-term liabilities:
Notes payable		115,000		230,000
Stockholders' equity:
Common stock		750,000		750,000
Retained earnings		233,000		184,000
Total liabilities and stockholders' equity	$	1,223,900	$	1,277,800

Additional Information for 2018:

1. Net income is $79,000.

2. The company purchases $110,000 in equipment.

3. Depreciation expense is $150,000.

4. The company repays $115,000 in notes payable.

5. The company declares and pays a cash dividend of $30,000.

Required:

Prepare the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)