XS Supply Company 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 below: 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 Income statement for current year Sales Gain on sale of equipment Cost of goods sold Other expenses Net income Current Year Prior Year $ 34,300 35,700 42,000 121,500 (30,700) $202,800 $ 36,700 1,400 $ 28,400 28,900 38,300 100,800 (25,300) $171,100 $ 27,900 1,800 44,500 89,600 50,800 72,900 30,600 17,700 $202,800 $171,100 $123,000 2,000 73,000 39,100 $ 12,900 Additional data: a. Bought equipment for cash, $30,700. Sold equipment with original cost of $10,000, accumulated depreciation of $7,000, for $5,000 cash. b. Paid $6,300 on the long-term note payable. c. Issued new shares of stock for $16,700 cash. d. No dividends were declared or paid. e. Other expenses Included depreciation, $12,400; wages, $12,900; taxes, $6,500; and other, $7,300. 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.) XS SUPPLY COMPANY Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: 0 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0