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 $ 104,100 132,000 99,000 188,000 (54,20) $ 468,780 $ 122,700 115,500 107,250 99,000 (28,000) $ 416,450 Balance Sheet Assets Cash Accounts Receivable Inventory Property and Equipment Less: Accumulated Depreciation Total assets Llabilities: Accounts Payable Salaries and Wages Payable Notes Payable, Long-Term Stockholders' Equity Comon Stock Retained Earnings Total Liabilities and Stockholders equity Income Statement Sales cost of Goods Sold Depreciation Expense Other Expenses Net Income $ 16,500 3,300 82,500 $ 19,800 1,650 99,000 152,000 214,480 $ 468,780 132,000 164,000 $416,450 5460,000 240,000 26,320 115,000 $ 78,680 . Other information from the company's records includes the following: Bought equipment for cash, $89.000 Paid $16,500 on long-term note payable Issued new shares of common stock for $20,000 cash Cash dividends of $28,200 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit Income tax expense ($19,670) and interest expense ($4,950) were paid in full at the end of both years and are included in Other Expenses . Required: a. 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: Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation Expense Changes in current assets and current liabilities: $ Cash Flows from Investing Activities: $ 0 Cash Flows from Financing Activities $ 0 Cash and Cash Equivalenti beginning of period Cash and Cash Equivalents, and of period Supplemental Disclosures $ 0