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, $21,000. Paid cash dividend, $13,000. Sold equipment for $11,000 cash (cost, $31,000, accumulated depreciation, $20,000). Issued shares of no-par stock, 600 shares at $10 per share cash. Net income was $25,200. Depreciation expense was $4.000. 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 22,200 24,500 32,000 32,000 81,000 73,000 21,000 0 88,500 119,500 (17,000) 33,000) 227, 700 216,000 $ 15,000 $ 22,000 2,500 4,500 6,500 4,000 64,000 64,000 106,000 100,000 33,700 21,500 $ 227,700 $216,000 Required: 1. Complete a T-account worksheet. Cash Operating Investing Financing 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: Changes in current assets and current liabilities: Cash flows from investing activities: Cash flows from financing activities