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 Cash Accounts receivable Prepaid expenses Equipment Wages payable Common stock and additional paid-in capital Retained earnings Current Year Prior Year $3,800 1,000 130 500 $ 5,430 $ 4,200 800. 190 0 $ 5,190 $ 1,300 2,100 2,490 1,500 2,390 $ 5,430 $ 5,190 $ 840 Income Statement for Current Year Lessons revenue Wages expense Other expenses Net incone Additional Data: $ 38,450 34,000 4,350 $ 100 a. Prepaid expenses relate to rent paid in advance. b. Other expenses were paid in cash. c. Purchased equipment for $500 cash at the end of the current year to be used starting in the following year, d. An owner contributed capital by paying $600 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. SHALLOW WATERS COMPANY 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: Cash flows from financing activities: 0 0 0 $ 0