XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Previous Year Balance sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income Current Year $ 31,850 33,000 39,000 106,000 28,000) $181, 850 $ 34,000 1,050 29,000 82,600 35,200 $181,850 $ 26,750 27,000 37,000 90,000 (24,000) $156,750 $ 26,000 1,150 34,000 71,600 24,000 $156,750 $110,000 65,000 33,800 $ 11,200 Additional Data: a Bought equipment for cash $16,000. b. Pald $5,000 on the long-term note payable. c. Issued new shares of stock for $11,000 cash. d. No dividends were declared or paid. e Other expenses included depreciation, $4,000 salaries and wages, $19,000; taxes. $5,000; utilities, $5,800. 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 current year ended December 31 using the Indirect method (Amounts to be deducted should be indicated with a minus sign.)