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During a recent year, Nicole's Getaway Spa (NGS) reported net income of $2,400. The company reported the following activities: a. Increase in inventory of $420. b. Depreciation of $3,200. c. Increase of $2,190 in prepaid expenses. d. Payments of $4,800 on long-term debt. e. Purchased new spa equipment for $7,602. f. Payments on accounts payable exceeded purchases by $340. g. Collections on accounts recelvable exceeded credit sales by $879. 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 $7,200. (Amounts to be deducted should be indicated with a minus sign.) During a recent year, Nicole's Getaway Spa (NGS) reported net income of $2,400. The company reported the following activities: a. Increase in inventory of $420. b. Depreciation of $3,200. c. Increase of $2,190 in prepaid expenses. d. Payments of $4,800 on long-term debt. e. Purchased new spa equipment for $7,602. f. Payments on accounts payable exceeded purchases by $340. g. Collections on accounts recelvable exceeded credit sales by $879. 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 $7,200. (Amounts to be deducted should be indicated with a minus sign.)