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: 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 Additional Data: a. Bought equipment for cash, $61,350. b. Paid $12,900 on the long-term note payable. c. Issued new shares of stock for $35,900 cash. d. Dividends of $10,150 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable Includes only Inventory purchases made on credit. Current Year Prior Year $ 66,750 18,650 25,650 213,350 $ 65,800 25,650 20,100 152,000 (62,500) $261,900 $ 12,700 5,000 63,000 103,300 77,900 $261,900 (47,650) $215,900 $ 22,900 5,300 75,900 67,400 44,400 $215,900 $210,000 107,000 14,850 44,500 $ 43,650 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: