The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $107,800 $118,100 80,000 94,500 100,000 84,500 5,000 2,500 505,000 505,000 810,000 695,000 (278,000) (433,000) $1,174,800 $1,221,600 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: $104,000 6,300 9,000 $89,500 12,600 5,500 105,000 210,000 725,000 225,500 725,000 179,000 $1,174,800 $1,221,600 Additional Information for 2024: 1. Net income is $74,000. 2. The company purchases $115,000 in equipment. No equipment was sold. 3. Depreciation expense is $155,000. 4. The company repays $105,000 in notes payable. 5. The company declares and pays a cash dividend of $27,500. Required: Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) Answer is not complete. PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities 64,000 0001 Net income Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense Decrease in accounts receivable Increase in inventory 157,000 13,200 (14,200) Increase in prepaid rent Increase in accounts payable Decrease in interest payable Increase in income tax payable Purchase of equipment Net cash flows from operating activities Cash Flows from Investing Activities Payment of notes payable Payment of cash dividends Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period (1,200) 13,200 (6,900) > 2,200 (105,000) > $ 122,300 (112,500) (22,500) X (135,000) (135,000) (135,000) (12,250) 159,000x $ 146,750