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 Current Year Previous Year Cash $ 32,570 $ 27,500 Accounts Receivable 33,600 27,300 Inventory 39,600 37,300 Equipment 110,500 93,000 Accumulated Depreciation-Equipment (28,600) (24.300) Total Assets $187,670 $160,800 Accounts Payable $ 34,600 $ 26,300 Salaries and Wages Payable 1,170 1,300 Note Payable long-term) 31,700 37,000 Common Stock 84,400 71,900 Retained Earnings 35,800 24.300 Total Liabilities and Stockholders' Equity $187,670 $160,800 Income Statement Sales Revenue $113,000 Cost of Goods Sold 66,500 Other Expenses 35,000 Net Income $ 11,500 Additional Data: a Bought equipment for cash, $17.500 b. Pald $5,300 on the long-term note payable. Issued new shares of stock for $12,500 cash d. No dividends were declared or paid e. Other expenses included depreciation, $4,300, salaries and wages. $19,300; taxes, $5,300; utilities, $6,100 4. 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.)