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BGP Electrical Supply 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: Current Year Prior Year Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation $ 38,500 34,700 45,000 123,700 (32,400) $209,500 $ 38,600 2,400 46,000 91,700 30,800 $209,500 $ 30,900 30, 200 39,100 101,500 (26,200) $175,500 $ 29,800 2,900 49,300 73,900 19,600 $175,500 Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income $130,000 80,000 38,800 $ 11,200 Additional Data: a. Bought equipment for cash, $22,200. b. Paid $3,300 on the long-term note payable. c. Issued new shares of stock for $17,800 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $6,200; wages, $20,200; taxes, $6,800; other, $5,600. 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. Required: 1. Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.)