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 $ 67,250 17,950 24,450 211,950 (61,400 $260, 200 $ 11,600 4,300 62,200 101,880 80, 3ee $260, 2ee Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings $ 65,400 24,450 19, 180 153,500 (46,950) $215,500 $ 21,800 4,800 74,200 66,900 47,800 $215,500 Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income $285,000 102,000 14,450 44,000 $ 44,550 Additional Data a Bought equipment for cash, $58,450 b. Paid $12,000 on the long-term note payable, c. Issued new shares of stock for $34.900 cash d. Dividends of $12,050 were declared and paid. e. Other expenses all relate to wages 1. 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. (List cash outflows as negative amounts.) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities Adjustments to reconcile net income to not cash provided by operating activities Cash flows from investing activities Cash flows from financing activities