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 Assets 2021 2020 Current assets: Cash $ 112,750 $ 122,800 Accounts receivable 78,400 92,500 Inventory 96,000 80, 900 Prepaid rent 4,200 2,100 Long-term assets Land 485,000 485,000 Equipment 794,000 675,000 Accumulated depreciation (429,000) (270,000) Total assets $1,141,350 $1,188,300 Liabilities and Stockholders. Equity Current liabilities: Accounts payable $ 100,000 $ 85,900 Interest payable 6,150 12,300 Income tax payable 8,200 5, 100 Long-term liabilities: Notes payable 102,500 205,000 Stockholders' equity: 705,000 705,000 Common stock 219,500 175,000 Retained earnings $1,141,350 $1,188,300 Total liabilities and stockholders' equity Additional Information for 2021: 1. Net income is $70,000. 2. The company purchases $119,000 in equipment. 3. Depreciation expense is $159,000. The company repays $102,500 in notes payable. CAPAA Help Save & HUUHULGILI TUI ZUL 1. Net income is $70,000 2. The company purchases $119,000 in equipment. 3. Depreciation expense is $159,000. 4. The company repays $102,500 in notes payable. 5. The company declares and pays a cash dividend of $25,500. 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 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 0 Cash at the beginning of the period Cash at the end of the period