More Movies had the following financial information for the current year. Prepare the statement of cash flows using the indirect method for the operating section. No new equipment was purchased this year but the old equipment was sold for $7700. Any new stock was issued for cash. Dividends were paid in cash. More Movies Inc. Income Statement For Year Ended December 31 Revenue: Sales Revenue 83,000 Expenses: Depreciation Expense 7,000 Salaries Expense 9.500 Rent Expense 13,500 Utilities Expense 4.000 Gain on Sale of Equipment -2,200 Total Expenses 31,800 Net Income 51,200 More Movies Inc. Balance Sheet December 31 Assets: Cash Accounts Receivable Supplies Inventory Total Current Assets Current Last Year Year 435,900 356,850 130,000 160,000 2,500 2.750 295,000 260,000 8 63,400 779,600 Liabilities & Equity: Accounts Payable Taxes Payable Total Current Liabilities Current Year 13.000 3,650 16,650 Last Year 19,000 2,100 21.100 Common Stock Paid in capital in excess of par value, common stock Total Paid in Capital 275,000 270,000 476,000 450,000 751,000 720,000 Equipment Less: Accum Depreciation Total Plant Assets 64,000 79,500 (20,000) (23,000) 44,000 56,500 Retained Earnings 139,750 95,000 TOTAL ASSETS 907,400 836,100 TOTAL LIABILITIES AND EQUITY 907,400 836,100 More Movies Inc. Statement of Cash Flows For Year Ended December 31 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cas Total Adjustments Cash Flows from Investing Activities: Cash Flows from Financing Activities