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Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Current Year Prior Year Balance sheet at December 31 Cash $ 66,000 $ 70,150 18,450 25,150 212,850 Accounts receivable Merchandise inventory 25,150 19,600 Property and equipment 152,000 Less: Accumulated depreciation (62,000) (47,250) $264,600 $215,500 Accounts payable $ 12,200 $ 22,400 Wages payable 3,300 6,700 Note payable, long-term 59,730 75,500 Common stock and additional paid-in capital 102,500 67,200 Retained earnings 86,870 43,700 $264,600 $215,500 Income statement for current year Sales $200,000 Cost of goods sold 105,000 14,750 Depreciation expense Other expenses Net income 44,300 $43,950 Additional Data: a. Bought equipment for cash, $60,850. b. Paid $15,770 on the long-term note payable. c. Issued new shares of stock for $35,300 cash. d. Dividends of $780 were declared and paid. e. Other expenses all relate to wages. 1. Accounts payable includes only inventory purchases made on credit. Required: 1. Prepare the statement of cash flows using the direct method for the year ended December 31, current year. (List cash outflows as negative amounts) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Collections from customers Cash flows from investing activities: Cash flows from financing activities: 0 0 0 0