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, $18,000. Paid cash dividend, $12,500. Sold equipment for $8,500 cash (cost, $26,000, accumulated depreciation, $17.500) Issued shares of no-par stock, 400 shares at $12 per share cash. Net income was $22,700. Depreciation expense was $3,500. Its comparative balance sheet is presented below. Balances Balances 12/31/Current 12/31/Prior Year Year Cash 19500 22,500 Accounts receivable 27,000 27.000 Merchandise inventory 78,000 70,500 Investments 18,000 Equipment 91.000 117.000 Accumulated depreciation (18/500) (82) 500) Total 215,000 204,500 Accounts payable $ 14,500 $ 19,500 Wages payable 2,000 3,500 Income taxes payable 5,500 3,500 Notes payable 59,000 59,000 Common stock and additional paid in capital 184,800 100,000 Retained earnings 29,200 19,000 Total $215,000 $204,580 Required: 1. Complete a T-account worksheet. a 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