The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 2017, 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) Mortgage note payable $129,890 $122,930 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, 2048 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Changes in current operating assets and liabilities: Decrease in accounts receivable Increase in merchandise inventory -11,700 8,380 Increase in prepaid expenses -2,090 Increase in accounts payable 6,960 Net cash flows from operating activities Net cash flows from operating activities Cash flows from (used for) investing activities: Cash paid for equipment Net cash flows used for investing activities Cash flows from (used for) financing activities: Cash received from issuing common stock Cash dividends Cash paid to retire mortgage note payable Net cash flows from financing activities Net decrease in cash al Cash balance, January 1, 2048 Cash balance, December 31, 2048