GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $25,200. Paid cash dividend, $13,700. Sold equipment for $14,500 cash (cost, $38,000, accumulated depreciation, $23,500). Issued shares of no-par stock, 400 shares at $12 per share cash. Net income was $28,700. Depreciation expense was $4,700. Its comparative balance sheet is presented below. Cash Accounts receivable Merchandise inventory Investments Equipment Accumulated depreciation Total Accounts payable Wages payable Income taxes payable Notes payable Common stock and additional paid-in capital Retained earnings Total Balances Balances 12/31/Current 12/31/Prior Year Year 23,100 27,300 39,000 39,000 85,200 76,500 25, 200 0 85,000 123,000 (14,900) (33,700) 242,600 232,100 $ 15,700 $ 25,500 3,200 5,900 7,900 4,700 71,000 71,000 104,800 100,000 40,000 25,000 $ 242,600 $232,100 2. Based on the T-account worksheet, prepare the statement of cash flows for the current year in proper format. (List cash outflows as negative amounts.) GOLFGEAR & MORE, INC., Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Net income Depreciation expense Changes in current assets and current liabilities: Inventory Accounts payable Wages payable Income taxes payable 0 Cash flows from investing activities: Proceeds from sale of equipment Purchase of investment 0 Cash flows from financing activities: Issuance of common stock Dividends paid Cash flows provided by financing activities 0 $ 0