Sharp Screen Films, Inc., is developing its annual financial statements on December 31, for the current year. The statements are complete except for the statement of cash flows. The complete comparative balance sheets and income statement are summarized as follows:

Current Year Pie Vene Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation $ 73.250 15.250 23.450 209.250 (574SD) $263.75 S 16.SOD 2.000 56.300 103.950 $5.00 $263.750 $63.500 21.350 18.000 360,150 45.7SD SUZUSD $ 19.000 2.700 71.000 65.900 588.50 $2124SD Accounts payable Wages payable Note payable, long term Common stock and additional paidan capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income S205,000 123.500 11700 63.000 $26.800 Additional Data: a. Bought equipment for cash, $48.900. 6. Paid $14,700 on the long-term note payable. c. Issued new shares of stock for $38,050 cash. d. Dividends of $650 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit Required: 1. Prepare the statement of cash flows using the indirect method for the year ended December 31, current year