Soh Touch Company was started several years ago by two goif instructors. The company's comparative balance sheets and inc statement are presented below, along with additionat information. Additional Data: a. Bought new golf clubs using cash, $1,00 b. Borrowed 52,700 cash from the bank during the yeac. c. Accounts Payable includes only purchases of services made on credi for operating purposes. Because there are no liablity accounts relating to income tax, assume that income Tax Expense was fully paid in cash. Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the direct method. TIP: Remember to exclude depreciation expense when converting to the cash basis. (Amounts to be deducted should be indicated with a minus sign.) Soh Touch Company was started several years ago by two goif instructors. The company's comparative balance sheets and inc statement are presented below, along with additionat information. Additional Data: a. Bought new golf clubs using cash, $1,00 b. Borrowed 52,700 cash from the bank during the yeac. c. Accounts Payable includes only purchases of services made on credi for operating purposes. Because there are no liablity accounts relating to income tax, assume that income Tax Expense was fully paid in cash. Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the direct method. TIP: Remember to exclude depreciation expense when converting to the cash basis. (Amounts to be deducted should be indicated with a minus sign.)