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 $ 73,25e 15,250 23,450 209, 250 57.45e) $26375e $ 16,560 2.000 56,320 1e3,950 85,020 $263.750 $ 63,500 21,35e 18,888 168,350 (45,75e) $217 450 $ 19.88 2,780 71,080 65.980 58,85e $217,45e Accounts payable Wages payable Note payable, long-term Conton stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense other expenses Net Income $2es, 680 123, see 11,780 43,880 $ 26, Bee Additional Data: a. Bought equipment for cash, $48.900. b. Pald $14,700 on the long-term note payable. c Issued new shares of stock for $38,050 cash. d. Dividends of $650 were declared and pald. e Other expenses all relate to wages. 2. 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