Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,480 Accounts payable $ 37,852 28,396 Notes payable 19,708 42,912 Other 20,494 $ 35,085 18.151 $ 42,932 16,725 3,820 25,194 Total $ 57,056 $ 109,788 Total $ 78,054 $ 84,851 Long-term debt $ 118,500 $ 181,793 $ 55,700 $ 55,700 Owners' equity Common stock and paid-in surplus Accumulated retained earnings 269,812 308,127 Fixed assets Net plant and equipment $ 465,010 $520,683 Total $ 325,512 $363,827 Total assets $522,066 $ 630,471 Total liabilities and owners' equity $522,066 $ 630,471 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $509,954 361,778 45,338 $ 102,838 Earnings before interest and taxes Interest paid 20,383 Taxable income Taxes (22%) $ 82,455 18,140 Net income $ 64,315 Dividends Retained earnings $26,000 38,315 Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) Answer is not complete. SMOLIRA GOLF CORP. SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 $ 35,085 $ Cash, beginning of the year Operating activities Net income Add: Depreciation Add: Increase in accounts payable Add: Increase in other current liabilities 64,315 45,338 5,080 Less: Increase in accounts receivable 4,700 (10,245) (39,092) (2,983) 67,113 X Less: Increase in inventory Less: Increase in accounts Net cash from operating activities Investment activities Fixed asset acquisition X $ $ $ (55,673) Net cash from investment activities Financing activities Decrease in long-term debt Dividends paid Net decrease in cash x $ X $ 63,293 (26,000) 37,293 X 3,395 X 37,293 X Net increase in cash x $ Net cash from financing activities $ Cash, end of year $ 38,480