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 Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income $ 69,350 17,450 23,950 211,350 (60,900) $261,200 $ 11,000 2,300 57,480 101,100 89,320 $261,200 Prior Year $ 65,100 23,950 18,900 151,400 (46,750) 5212,600 $ 21,200 6,000 73,700 66,700 45,000 $212,600 $203,000 100,000 14, 150 43,800 $ 45,050 Additional Data: a. Bought equipment for cash. $59,950. b. Paid $16,220 on the long-term note payable. c. Issued new shares of stock for $34,400 cash. d. Dividends of $730 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 direct 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: Cash flows from investing activities: 0 Cash flows from financing activities: $ 0