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Audio City, Inc. is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below mince sheet December 31 Cash Accounts Receivable Theory ti weeted Dupreektion Totalte About Payable Salaries and Wages Payable te Payable (HR) Come to Metained Earning Total Liabilities and stockholdersity Intent Sales Revenue Coat of Goods Sold Other teen Net Carrer Prvi Year 67,500 $71,600 16,200 23.500 23,00 21,500 229.000 153,000 66.500.000 5272,000 3212200 $2,300 $19.600 2,000 1,000 61.500 78,000 106,000 73,000 36200 32000 3212600 200,000 >>.000 55,500 STO Additional Data a Bought equipment for cath $70,000 Paid $16.500 on the long term note payable c.Issued new shares of stock for $33,000 cash d. Dividends of $5.300 were paid in cash Other expenses included depreciation, 516,500 series and wages $21.500, $26,500 Accounts Payable includes only inventory purchases made on credit. Because a llability relating to taxes does not exist, assume that they were fully paid in cash Required: 1. Piepare the statement of cash flows for the current year ended December 31 using the Indirect method (Amounts to be deducted should be indicated by a minus sign) $51.500 AUDIO CITY IN Statement of Cash Flows For the Year Ended December 31 Cathrow from Operating Activite Not income Adjustments to Reconcie Net Income to Net Cash Provided by Operating Activis Depreciation Expense Decrease in Accounts Robe Increase in inventory Decrease in Accounts Payable Increase in and Wages Payable $18500 5.300 21.000 73.300 Cash Flows from investing Activities Cash Payments to Purchase Event Cath January 76.000 76.000 56.500 Cash Flows from Financing Cash Payments on No Payable long term) CON PAN Cash Receptionising Stock 16,500 Het Deen Cash during the Year Chancery Cash December