Sharp Screen Films, Inc., 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 as follows: Current Year Prior Year Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation $ 66,550 18,150 24,750 212,250 (61,500) $ 260,200 $ 11,800 4,500 62,300 102,000 79,600 $ 260, 200 $ 65,500 24,750 19,200 152,600 (47,050) $215,000 $ 21,900 Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings 5,100 74,400 67,000 46,600 $215,000 Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income $206,000 103,000 14,450 44,100 $ 44, 450 Additional Data: a. Bought equipment for cash, $59,650. b. Paid $12,100 on the long-term note payable. c. Issued new shares of stock for $35,000 cash. d. Dividends of $11,450 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: 0 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 n