Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with additional information. Current Year Previous Year Balance Sheet at December 31 Cash $ 6,480 $ 4,360 Accounts Receivable 990 1,93e Equipment 6,490 5,900 Accumulated Depreciation-Equipment (1,680) (1,340) Total Assets $12,280 $10,850 Accounts Payable $ 410 $ 1,800 Salaries and Wages Payable 418 Note Payable (long-term) 1,700 500 Common Stock 5,900 5,900 Retained Earnings 3,860 2,700 Total Liabilities and Stockholders' Equity $12,280 $10,850 Income Statement Service Revenue $39,320 Salaries and Wages Expense 36,800 Depreciation Expense 340 Income Tax Expense 1.800 Net Income $ 1,160 25e Additional Data: a. Bought new hockey equipment for cash, $590. b. Borrowed $1.200 cash from the bank during the year. c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash. Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the direct method (Amounts to be deducted should be Indicated with a minus sign.) Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the direct method. (Amounts to be deducted should be Indicated with a minus sign.) HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Cash Flows from Investing Activities: Cash Flows from Financing Activities