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: Current Year Previous Year Balance Sheet at December 31 Cash $ 33,440 $ 28,400 Accounts Receivable 34,200 27,600 Inventory 40,200 37,600 Equipment 115,000 96,000 Accumulated DepreciationEquipment (29,200 ) (24,600 ) $ 193,640 $ 165,000 Accounts Payable $ 35,200 $ 26,600 Salaries and Wages Payable 1,440 1,600 Note Payable (long-term) 34,400 40,000 Common Stock 86,200 72,200 Retained Earnings 36,400 24,600 $ 193,640 $ 165,000 Income Statement Sales Revenue $ 116,000 Cost of Goods Sold $ 68,000 Other Expenses 36,200 Net Income $ 11,800 Additional Data: Bought equipment for cash, $19,000. Paid $5,600 on the long-term note payable. Issued new shares of stock for $14,000 cash. No dividends were declared or paid. Other expenses included depreciation, $4,600; Salaries and wages, $19,600; taxes, $5,600; utilities, $6,400. 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.