Sharp Screen Films, Incorporated, 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 a. Bought equipment for cash, $60,850. b. Paid 515,770 on the long term note payable. c. Issued new stares of stock for $35,300 cash. a. Dividends of $780 were deciared and paid. e. Other expenses all relate to wages. t Accounts payable includes only inventory burchases made on credit. Pequired: 1. Prepare the statement of cash flows using the direct method for the year ended December 31 , current year. Note: List cash outflows as negative amounts. Required: 1. Prepare the statement of cash flows using the direct method for the year ended December 31, current year. Note: List cash outflows as negative amounts