Smith Media Corporation had the following income statement and balance sheet for 2024: (Click the icon to view the income statement.) 8 (Click the icon to view the balance sheet.) During the year Smith issued a $5,000 note payable. Smith acquired equipment worth $18,000, and made payments on the long-term notes payable in the amount of $7,000 during the year. Assume the company paid cash for the acquisition of plant assets. Prepare Smith Media's statement of cash flowsindirect methodfor the year ended December 31, 2024. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty, do not select a label or enter a zero.) Data table Data table Smith Media Corporation Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Smith Media Corporation Comparative Balance Sheet December 31, 2024 and 2023 Smith Media Corporation Income Statement Year Ended December 31, 2024 Assets 2024 2023 Sales Revenue $ 83,000 Current Assets Depreciation Expense-Plant Assets Cash S 4,700 $ 4,500 9,000 54,000 Other Expenses Accounts Receivable 8,600 4,600 $ 20,000 Long-term Assets Net Income Net Cash Provided by (Used for) Operating Activities Plants Assets 89,350 107,350 (28,350) Accumulated Depreciation-Plant Assets (19,350) S 92,300 $ 79,100 Print Done Total Assets Liabilities Current Liabilities: S 8,500 $ 6,000 Accounts Payable Long-term Liabilities: Notes Payable 12,000 14,000 Total Liabilities 20,500 20,000 Stockholders' Equity Common Stock, no par 23,000 48,800 20,000 39,100 Retained Earnings 71,800 59,100 Total Stockholders' Equity S 92,300 $ 79,100 Total Liabilities and Stockholders' Equity