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: 0 0 0 Cash flows from financing activities: 0 $ 0 5 7 points P12-2 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 BGP Electrical Supply 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: eBook References 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 Income statement for current year Sales Cost of goods sold Other expenses Net income Current Year Prior Year $ 39,000 35,300 46,000 124,900 (33,400) $211,800 $ 39,400 $ 31,400 31,100 40,000 101,900 (26,600) $177,800 $ 30,700 3,000 3,600 46,400 50,600 93,600 74,300 29,400 18,600 $211,800 $177,800 $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.)