Additional Data: a. Bought equipment for cash, $76,000. b. Paid $16,500 on the long-term notes payable....

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Additional Data: a. Bought equipment for cash, $76,000. b. Paid $16,500 on the long-term notes payable. c. Issued new shares of stock for $33,000 cash. d. Dividends of $5,300 were paid in cash. e. Other expenses included depreciation, $16,500; salaries and wages, $21,500; taxes, $26,500. f. Accounts Payable includes only inventory purchases made on credit. Because a liability relating to taxes does not exist, assume that they 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 by a minus sign.) AUDIO CITY INCORPORATED Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities: Additional Data: a. Bought equipment for cash, $76,000. b. Paid $16,500 on the long-term notes payable. c. Issued new shares of stock for $33,000 cash. d. Dividends of $5,300 were paid in cash. e. Other expenses included depreciation, $16,500; salaries and wages, $21,500; taxes, $26,500. f. Accounts Payable includes only inventory purchases made on credit. Because a liability relating to taxes does not exist, assume that they 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 by a minus sign.) AUDIO CITY INCORPORATED Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities: