Required:

Prepare the statement of cash flows for the current year ended December $31$ using the indirect method. $($Amounts to be deducted should be indicated by a minus sign.$)$

Audio City, Incorporated, is developing its annual financial 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 below:

Additional Data:

a$.$ Bought equipment for cash, $$83,000.$

b$.$ Paid $$20,000$ on the long$-$term notes payable

c$.$ Issued new shares of stock for $$40,000$ cash.

d$.$ Dividends of $$6,000$ were paid in cash.

e$.$ Other expenses included depreciation, $$20,000$; salaries and wages, $$25,000$; taxes, $$30,000.$

f$.$ Accounts Payable includes only inventory purchases made on credit. Because a liability relating to taxes does not exist, assume that they were fully paid in cash.

Required:

Prepare the statement of cash flows for the current year ended December $31$ using the indirect method. $($Amounts to be deducted should be indicated by a minus sign.$)$