The comparative balance sheets and income statement for Bingky Barnes Inc. are as follows: Current Year Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Prior Year $ 31,300 31,400 40,100 102,000 (26,900) $177,900 $ 30,900 3,700 51,800 74,500 17,000 $177,900 $ 39,100 35,400 45,000 125,100 (33,500) $211,100 $ 39,700 3,200 46,800 93,700 27,700 $211,100 Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income $135,000 85,000 39,300 $ 10,700 Additional Data: a. Equipment bought for cash, $23,100. b. Long-term notes payable was paid off for $5,000. c. Issued new shares of stock for $19,200 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $6,600; wages, $20,900; taxes, $6,400; other, $5,400. f. 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 year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.) Bingky Bares Inc. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Requirea: 1. Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash outflows as 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 $ 0