The comparative balance sheets and income statement for Bingky Barnes Inc. are as follows: Current Year Prior Year Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Loss: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings $ 37,800 33,700 46,000 122,800 (31,700) $208,600 $ 37,700 2,000 45,700 90,800 32,400 $200,600 $ 30,500 29,500 38,800 101,200 (25,900) $174.100 $ 29,000 2,400 48,300 72,500 20,900 $174,100 Income statement for current year Sales Cost of goods sold Other expenses Net income $127.000 77.000 38,500 $ 11,500 Additional Data: a. Equipment bought for cash, $21,600 b. Long-term notes payable was paid off for $2,600. c. Issued new shares of stock for $17,300 cash. d. No dividends were declared or paid. e Other expenses included depreciation, $5,800, wages, $20,800; taxes, $6,000; other, $5,900. 1. Assume that expenses were fully paid in cash, when there are no liabilities account related to them. For example, tax expenses are paid in cash since there is no taxes payable. Required: 1. Prepare the statement of cash flows for the vear ended December 31 current vear using the Indirect method list cash outflows as 1. Prepare the statement of cash flows for the year ended December 31, current year, USI negative amounts.) Bingky Barnes Inc. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: 0 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 Saved Enabled: Final Exam Adjustments to reconcile net income to net cash provided by operating activities: 0 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 0