PA12-3 (Algo) Preparing a Statement of Cash Flows (Indirect Method) [LO 12-2, LO 12-3, LO 12-4, LO 12-5] XS Supply Company is developing its annual financlal 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: Additional Data: a. Bought equipment for cash, $24,000. b. Pald $6,600 on the long-term notes payable. c. Issued new shares of stock for $19,000 cash. d. No dividends were declared or pald. e. Other expenses Included depreclation, $5,600; salarles and wages, $20,600; taxes, $6,600; utilities, $7,400. f. Accounts Payable Includes only inventory purchases made on credit. Because there are no llablity accounts relating to taxes or other expenses, assume that these expenses were fully paid In cash. Requlred: 1. Prepare the statement of cash flows for the current year ended December 31 using the Indirect method. (Amount to be deducted should be Indlcated with a minus sign.)