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 Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income $ 6,188 948 5,940 (1,580) $11,480 $ 568 468 1,500 5,400 3,560 $11,480 $ 4,260 1,830 5,400 (1,298) $19, 200 $ 1,100 250 509 5.400 2,450 $19, 209 $38,300 35,800 298 1,100 $ 1,112 Additional Data: a. Bought new hockey equipment for cash, $540. b. Borrowed $1,000 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 slgn.) HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: 0 Cash Flows from Investing Activities 0 Cash Flows from Financing Activities: 0 S 0