Whole Sailers Wholesalers is developing its annual financial statements at December 31 of the current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized:

	Current Year				Prior Year
Balance sheet at December 31
Cash	$	37,600			$	30,000
Accounts receivable		33,000				29,100
Merchandise inventory		41,000				38,600
Property and equipment		122,300				101,000
Less: Accumulated depreciation		(31,400	)			(25,500	)
	$	202,500			$	173,200
Accounts payable	$	37,300			$	28,400
Accrued wages expense		2,000				2,200
Note payable, long-term		45,100				53,000
Contributed capital		90,100				73,300
Retained earnings		28,000				16,300
	$	202,500			$	173,200
Income statement for current year
Sales	$	125,000
Cost of goods sold		75,000
Other expenses		38,300
Net income	$	11,700

Additional Data:

A - Bought equipment for cash, $21,300.

B - Paid $7,900 on the long-term note payable.

C - Issued new shares of stock for $16,800 cash.

D - No dividends were declared or paid.

E - Other expenses included depreciation, $5,900; wages, $20,400; taxes, $6,900; other, $5,100.

F - Accounts payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.

Prepare the statement of cash flows for the year ended December 31 of the current year, using the indirect method.

BG WHOLESALERS Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities $ 11,700 et income Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Increase in accounts receivable Increase in merchandise inventory Increase in accounts payable Decrease in accrued expenses 11,700 Cash flows from investing activities Cash payments to purchase fixed assets Cash flows from financing activities Cash payments on long-term note ash receipts from issuing stock et cash provided by financing activities et increase in cash during the year ash balance, January 1, current year ash balance, December 31, current year