Exercise 11-8 (Algo) 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: Additional Information for 2024: 1. Net income is $62,000. 2. The company purchases $103,000 in equipment. No equipment was sold. 3. Depreciation expense is $155,000. 4. The company repays $117,500 in notes payable. 5. The company declares and pays a cash dividend of $21,500. Required: Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ PLASMA SCREENS CORPORATION } \\ \hline \multicolumn{3}{|c|}{ Statement of Cash Flows } \\ \hline \multicolumn{3}{|c|}{ For the Year Ended December 31, 2024} \\ \hline \multicolumn{3}{|l|}{ Cash Flows from Operating Activities } \\ \hline Net income & 66,000 & \\ \hline \multicolumn{3}{|l|}{\begin{tabular}{l} Adjustments to reconcile net income to net cash \\ flows from operating activities \end{tabular}} \\ \hline \multicolumn{3}{|l|}{ Depreciation expense } \\ \hline \multicolumn{3}{|l|}{ Decrease in accounts receivable } \\ \hline \multicolumn{3}{|l|}{ Decrease in interest payable } \\ \hline \multicolumn{3}{|l|}{ Increase in income tax payable } \\ \hline \multicolumn{3}{|l|}{ Increase in inventory } \\ \hline \multicolumn{3}{|l|}{ Increase in prepaid rent } \\ \hline \multicolumn{3}{|l|}{ Increase in accounts payable } \\ \hline \\ \hline Net cash flows from operating activities & & 66,000 \\ \hline \multicolumn{3}{|l|}{ Cash Flows from Investing Activities } \\ \hline \multicolumn{3}{|l|}{ Purchase of equipment } \\ \hline \multicolumn{3}{|l|}{ P } \\ \hline \\ \hline \\ \hline Net cash flows from investing activities & & 0 \\ \hline \multicolumn{3}{|l|}{ Cash Flows from Financing Activities } \\ \hline \multicolumn{3}{|l|}{ Payment of notes payable } \\ \hline \multicolumn{3}{|l|}{ Payment of cash dividends } \\ \hline \multicolumn{3}{|l|}{ [ } \\ \hline \multicolumn{3}{|l|}{ } \\ \hline Net cash flows from financing activities & & 0 \\ \hline \multicolumn{3}{|l|}{ Net decrease in cash } \\ \hline \multicolumn{3}{|l|}{ Cash at the beginning of the period } \\ \hline Cash at the end of the period & & $ \\ \hline \end{tabular}