Shallow Waters Company was started several years ago by two diving instructors. The company's comparative balance sheets and Income statement are presented below, along with additional information. Balance Sheet at December 31 Cashi Accounts receivable Prepaid expenses Equipment Wages payable Common stock and additional paid-in capital Retained earnings Income Statement for Current Year Lessons revenue Wages expense Other expenses Net income Additional Data a. Prepaid expenses relate to rent paid in advance. b. Other expenses were paid in cash. Current Year Prior Year $ 4,000 $ 4,500 1,300 100 800 250 700 B $ 6,100 $ 5,550 $650 $ 1,100 1,700 3,750 1,400 3,050 $6,100 $ 5,550 $ 34,550 30,200 3,650 $ 700 c. Purchased equipment for $700 cash at the end of the current year to be used starting in the following year. d. An owner contributed capital by paying $300 cash in exchange for the company's stock. Required: Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. Note: List cash outflows as negative amounts.