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	$	68,450			$	63,700
Accounts receivable		15,750				22,850
Merchandise inventory		22,850				18,200
Property and equipment		209,450				150,800
Less: Accumulated depreciation		(59,500	)			(45,950	)
	$	257,000			$	209,600
Accounts payable	$	9,400			$	19,700
Wages payable		1,500				4,500
Note payable, long-term		53,320				71,400
Common stock and additional paid-in capital		99,300				66,100
Retained earnings		93,480				47,900
	$	257,000			$	209,600
Income statement for current year
Sales	$	197,000
Cost of goods sold		94,000
Depreciation expense		13,550
Other expenses		43,200
Net income	$	46,250

Additional Data:

1. Bought equipment for cash, $58,650.
2. Paid $18,080 on the long-term note payable.
3. Issued new shares of stock for $33,200 cash.
4. Dividends of $670 were declared and paid.
5. Other expenses all relate to wages.
6. Accounts payable includes only inventory purchases made on credit.

Required:

1. Prepare the statement of cash flows using the direct method for the year ended December 31, current year. (List cash outflows as negative amounts.)