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. Current Year Peior Year Balance sheet at December 31 Cash Recounts receivable Prepaid expenses Tquipment $ 4,000 1,300 100 $4,500 800 250 O $5,550 $1,100 1.400 31.05 SS SSO 700 546100 9650 1.700 3,750 $16.100 Mages payable common stock and additional paid-in capital Betained earnings The statement for Current Year Lessons revenue Wages expense Other expenses Net Income 534,550 30. 200 3.650 . 700 Additional Data a: Prepaid expenses relate to rent paid in advance b. Other expenses were paid in cash c. Purchased equipment for $700 cash at the end of the current year to be used starting in 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. (List cash outflows as negative amounts.) SHALLOW WATERS COMPANY Statement of Cash Flows For the Year Ended December 31. Current Year Required: Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (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 flow from operating activities: Cash flows from investing activities Cashflows from financing activities