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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

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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 $ 141,800 $ 154,300 Accounts receivable 77,600 91,500 Inventory 94,000 79, 100 Prepaid rent 3,800 1,900 Long-term assets: Land 475,000 475,000 Equipment 774,000 665,000 Accumulated depreciation (427,000) (266,000) Total assets $1,139,200 $1,200,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 98,000 $ 84,100 Interest payable 6,900 13,800 Income tax payable 7,800 4,900 Long-term liabilities: Notes payable 115,000 230,000 Stockholders' equity: Common stock 695,000 695,000 Retained earnings 216,500 173,000 Total liabilities and stockholders' equity $1,139,200 $1,200,800 Additional Information for 2021: 1. Net income is $68,000. 2. The company purchases $109,000 in equipment. 3. Depreciation expense is $161,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $24,500. Required: Prepare the statement of cash flows using the indirect method. (List ca & Answer is not complete. PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Net income $ 68,000 Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense 161,000 Decrease in accounts receivable 13,900 Increase in inventory 173,100 X Increase in prepaid rent 5,700 X Increase in interest payable Decrease in interest payable Decrease in income tax payable Net cash flows from operating activities Cash Flows from Investing Activities $ 421,700 173,100 % 5,700 X Increase in inventory Increase in prepaid rent Increase in interest payable Decrease in interest payable Decrease in income tax payable X x Net cash flows from operating activities Cash Flows from Investing Activities $ 421,700 Net cash flows from investing activities Cash Flows from Financing Activities 0 Net cash flows from financing activities 0 Cash at the beginning of the period Cash at the end of the period $ 0

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