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 $ 57,850 20,250 26,450 214,450 (63,808 $265,200 $ 13,800 5,600 64,500 184,900 76,400 $265,200 5 66,500 26,450 21,100 153,500 (48.350) $219,200 $ 24,300 6,206 76,400 65,000 44,300 $219,209 Accounts payable Wapes payable Note payable, long-term Contributed capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net Income $215,000 112,000 15,450 45,000 $ 42,550 Additional Data a Bought equipment for cash, $60,950. b. Paid $11.900 on the long-term note payable c. Issued new shares of stock for $36.900 cash d. Dividends of $10,450 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 net cash provided by operating activities: Cash flows from investing activities Cash flows from financing activities