The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 2048 and 2077, is as follows: Dec. 31, 2018 Dec. 31, 2017 Assets Cash $76,080 $92,930 Accounts receivable (net) 116,900 125,280 Merchandise inventory 166,990 155,290 Prepaid expenses 6,800 4,710 Equipment 340,180 278,210 Accumulated depreciation-equipment (88,450) (68,230) Total assets $618,500 $588,190 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $129,890 $122,930 Mortgage note payable 0 176,460 Common stock, $1 par 19,000 12,000 Excess of paid-in capital over par 271,000 166,000 Retained earnings 198,610 110,800 Total liabilities and stockholders' equity $618,500 $588,190 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $224,790. b. Depreciation reported on the income statement, $43,310. c. Equipment was purchased at a cost of $85,060, and fully depreciated equipment costing $23,090 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 7,000 shares of common stock were issued at $16 for cash. f. Cash dividends declared and paid, $136,980. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Orange Angel Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from (used for) operating activities: Net income 224,790 Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation 43,310 Changes in current operating assets and liabilities: Decrease in accounts receivable 8,380 Increase in merchandise inventory -11,700 Increase in prepaid expenses -2,090 Increase in accounts payable 6,960 Net cash flows from operating activities 269,650 Cash paid for equipment $ -85,060 -85,060 Net cash flows used for investing activities Cash flows from (used for) financing activities: Cash received from issuing common stock 112,000 Cash dividends Cash paid to retire mortgage note payable X Net cash flows from financing activities -201,440 Net decrease in cash $ -16,850 > > Cash balance, January 1, 2048 92,930 Cash balance, December 31, 2048 76,080