The management team of Wickersham Brothers Incorporated is preparing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized.

	Current Year	Prior Year
Balance Sheet
Assets
Cash	$ 83,100	$ 103,200
Accounts Receivable	112,000	98,000
Inventory	84,000	91,000
Property and Equipment	158,000	84,000
Less: Accumulated Depreciation	(45,120)	(23,000)
Total assets	$ 391,980	$ 353,200
Liabilities:
Accounts Payable	$ 14,000	$ 16,800
Salaries and Wages Payable	2,800	1,400
Notes Payable, Long-Term	70,000	84,000
Stockholders Equity:
Common Stock	132,000	112,000
Retained Earnings	173,180	139,000
Total Liabilities and Stockholders equity	$ 391,980	$ 353,200
Income Statement
Sales	$ 360,000
Cost of Goods Sold	190,000
Depreciation Expense	22,120
Other Expenses	90,000
Net Income	$ 57,880

Other information from the companys records includes the following:

• Bought equipment for cash, $74,000.
• Paid $14,000 on long-term note payable.
• Issued new shares of common stock for $20,000 cash.
• Cash dividends of $23,700 were declared and paid to stockholders.
• Accounts Payable arose from inventory purchases on credit.
• Income tax expense ($14,470) and interest expense ($4,200) were paid in full at the end of both years and are included in Other Expenses.

Required:

1. Prepare the statement of cash flows using the indirect method. Include any supplemental disclosures. (Enter any deductions and cash outflows as a negative value.)

WICKERSHAM BROTHERS INCORPORATED Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash provided by operating activities: Changes in current assets and current liabilities: $ 0 Cash Flows from Investing Activities: $ 0 Cash Flows from Financing Activities: $ 0 Cash and Cash Equivalents, beginning of period Cash and Cash Equivalents, end of period Supplemental Disclosures: $ 0