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: Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term). Common Stock Retained Earnings. Total Liabilities and Stockholders' Equity Income Statement Service Revenue Coat of Goods Sold Other Expenses Net Income Additional Data: a. Bought equipment for cash, $22,000. b. Paid $6,200 on the long-term notes payable. c. Issued new shares of stock for $17,000 cash. d. No dividends were declared or paid. Current Year Previous Year $34,480 $ 29,500 28,200 38,2001 102,000 (25,200) 35,400 41,400 124,000 (30,400) $ 204,880 $ 36,400 1,280 39,800 89,800 $172,700 $ 27,200 1,500 46,000 72,800 37,600 25,200 $172,700 $ 204,880 $122,000 71,000 38,600 $ 12,400 e. Other expenses included depreciation, $5,200; salaries and wages, $20,200; taxes, $6,200; utilities, $7,000. 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 current year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)