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 zeze 2021 2020 $ 113,500 78,888 97, eee 4,400 $ 125,600 93,090 81,888 2,200 499, ese 798,ese (438,880) $1,151,700 499,00 680,890 (272,eee) $1,200,600 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 101,880 6,389 8,400 86,800 12,600 5,200 185,800 210,aee 718, ese 221, e8 $1,151,789 710,000 176,89 $1,200,600 Additional Information for 2021: 1 Net Income is $71 000 1. IYLL RILULILUuu. 2. The company purchases $118,000 in equipment. 3. Depreciation expense is $158.000. 4. The company repays $105,000 in notes payable. 5. The company declares and pays a cash dividend of $26.000. Required: Prepare the statement of cash flows using the Indirect method. (List cash outflows and any decrease in cash as negative amounts.) Answer is not complete. PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Net income IS 71.000 Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense 158.000 Decrease in accounts receivable 14200 Increase in inventory (15,200) Increase in prepaid rent (2.200) Increase in accounts payable 14 200 >$ IS 240.000 Net cash flows from operating activities Cash Flows from Investing Activities Purchase of equipment (118,000) (118,000) Net cash flows from investing activities Cash Flows from Financing Activities Payment of notes payable Payment of cash dividends Is (105,000) (26,000) Net cash flows from financing activities Net decrease in cash Cash at the beginning of the period Cash at the end of the period (131.000) (12.100) 125.600 113.500 IS