On December 31 of the current year, BGP Electrical Supply is developing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Prior Year Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings $ 39,000 35,300 46,000 124,900 (33,400) $ 211,800 $ 39,400 3,000 46,400 93,600 29,400 $ 211,800 $ 31,400 31,100 40,000 101,900 (26,600) $177,800 $ 30,700 3,600 50,600 74,300 18,600 $177,800 Income statement for current year Sales Cost of goods sold Other expenses Net income $134,000 84,000 39,200 $ 10,800 Additional Data: a. Bought equipment for cash, $23,000. b. Paid $4,200 on the long-term note payable. c. Issued new shares of stock for $19,300 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $6,800; wages, $20,800; taxes, $6,800; other, $4,800. f. Accounts payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.) Required: 1. Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.) BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Cash flows from investing activities: Cash flows from financing activities