GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $26,400. Paid cash dividend, $13,900. Sold equipment for $15,500 cash (cost, $40,000, accumulated depreciation, $24,500). Issued shares of no-par stock, 600 shares at $10 per share cash. Net income was $29,700. Depreciation expense was $4,900. Its comparative balance sheet is presented below. Cash Accounts receivable Merchandise inventory Investments Equipment Accumulated depreciation Total Accounts payable Wages payable Income taxes payable Notes payable Common stock and additional paid-in capital Retained earnings Total Balances Balances 12/31/Current 12/31/Prior Year Year 24,900 28,100 41,000 41,000 86,400 77,500 26,400 0 84,000 124,000 (14,300) (33,900) 248,400 236,700 $ 15,900 $ 26,500 3,400 6,300 8,300 4,900 73,000 73,000 106,000 100,000 41,800 26,000 $ 248,400 $ 236,700 Required: 1. Complete a T-account worksheet. Cash Operating Investing Financing 2. Based on the T-account worksheet, prepare the statement of cash flows for the current year in proper format. (List cash outflows as negative amounts.) GOLFGEAR & MORE, INC., Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Changes in current assets and current liabilities: Cash flows from investing activities: 7 M