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:

Current Year Prior Year

Balance sheet at December $31$

Cash $ $68,750$ $ $64,400$

Accounts receivable $16,05023,250$

Merchandise inventory $23,25018,400$

Property and equipment $209,950151,200$

Less: Accumulated depreciation $(60,100)(46,150)$

$ $257,900$ $ $211,100$

Accounts payable $ $9,900$ $ $20,000$

Wages payable $1,7005,000$

Note payable, long$-$term $53,84072,100$

Common stock and additional paid$-$in capital $99,80066,300$

Retained earnings $92,66047,700$

$ $257,900$ $ $211,100$

Income statement for current year

Sales $ $199,000$

Cost of goods sold $96,000$

Depreciation expense $13,950$

Other expenses $43,400$

Net income $ $45,650$

Additional Data:

Bought equipment for cash, $$58,750.$

Paid $$18,260$ on the long$-$term note payable.

Issued new shares of stock for $$33,500$ cash.

Dividends of $$690$ were declared and paid.

Other expenses all relate to wages.

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.

Note: List cash outflows as negative amounts.