Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Current Year Prior Year Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings $ 68,950 16,550 23,550 210,850 (60,600) $ 259, 300 $ 10,500 1,900 55,760 100,400 90,740 $ 259, 300 $ 64,700 23,550 18,700 151,500 (46,350) $212,100 $ 20,800 5,700 72,800 66,500 46,300 $212,100 Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income $ 201,000 98,000 14,250 43,600 $ 45,150 Additional Data: a. Bought equipment for cash, $59,350. b. Paid $17,040 on the long-term note payable. c. Issued new shares of stock for $33,900 cash. d. Dividends of $710 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. Required: 1. Prepare the statement of cash flows using the direct method for the year ended December 31, current year. (List cash outflows as negative amounts.) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities