The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $155,850 75,200 88,000 2,600 174,600 88,500 73,700 1,300 Accounts receivable Inventory Prepaid rent Long-term assets: Land 445,000 738,000 (409,000) $1,095,650 445,000 635,000 (254,000) $1,164,100 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities : Notes payable Stockholders' equity: $ $ 92,000 7,050 6,600 78,700 14,100 4,300 117,500 235,000 Common stock 665,000 207,500 665,000 167,000 Retained earnings Total liabilities and stockholders' equity $1,095,650 $1,164,100 Additional Information for 2021: 1. Net income is $62,00O. 2. The company purchases $103,000 in equipment. 3. Depreciation expense is $155,000. 4. The company repays $117,500 in notes payable. 5. The company declares and pays a cash dividend of $21,500. Required: Prepare the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Net income 62,000 Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense 155,000 Decrease in accounts receivable 13,300 Increase in inventory (14,300) Increase in prepaid rent (1,300) Increase in accounts payable 13,300 Decrease in interest payable (7,050) Increase in income tax payable 2,300 223,250 Net cash flows from operating activities $ Cash Flows from Investing Activities Purchase of equipment (103,000) Net cash flows from investing activities (103,000) Cash Flows from Financing Activities Payment of notes payable (117,500) (21,500) Payment of cash dividends Net cash flows from financing activities (139,000) Net increase in cash Cash at the beginning of the period Cash at the end of the period $ 0