Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 39,124 Accounts payable $ 39,182 29,026 Notes payable 20,408 43,192 Other 21,124 Current assets Cash Accounts receivable Inventory $ 43,282 $ 35,785 18,501 4,030 17,250 25,754 Total $ 58,316 $ 111,342 Total $ 80,714 $ 86,286 Long-term debt $122,000 $ 188,105 $ 56,400 $ 56,400 Owners' equity Common stock and paid-in surplus Accumulated retained earnings 265,017 302,284 Fixed assets Net plant and equipment $465,815 $ 521,733 Total $ 321,417 $358,684 Total assets $ 524,131 $633,075 Total liabilities and owners' equity $ 524,131 $633,075 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 513,454 364,228 46,213 Earnings before interest and taxes Interest paid $ 103,013 21,083 Taxable income Taxes (24%) $ 81,930 19,663 Net income $ 62,267 Dividends Retained earnings $25,000 37,267 Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) $ 35,785 SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year Operating activities Net income Add: Depreciation Add: Increase in accounts payable Less: Increase in accounts receivable Less: Increase in inventory Add: Increase in other current liabilities $ 62,267 46,213 3,155 (10,525) Net cash from operating activities Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Decrease in notes payable Dividends paid Net cash from financing activities Net increase in cash Cash, end of year