3 Exercise 11-10A Prepare a statement of cash flows-indirect method (LO11-3, 11-4, 11-5) 2. points P References The balance sheets for Plasma Screens Corporation, along with additional information, are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and zeze 2021 2020 Assets Current assets! Cash $ 111,950 $ 129,000 Accounts receivable 88,888 95,500 Inventory 102,000 86,300 Prepaid rent 5,400 2.788 Long-term assets: Land 515,000 515,888 Equipment 818,000 705, Bee Accumulated depreciation (435,000 (282, cea) Total assets $1 198) 158 31,25150 Liabilities and Stockholders' Equity current liabilities: Accounts payable $ 106,000 $ 91,300 Interest payable 6,750 13,500 Income tax payable 9,400 5,700 Long-tern Liabilities: Notes payable 112,500 225,000 Stockholders' equityi Cormon stock 735,000 735,000 Retained earnings 228,500 181,000 Total liabilities and stockholders' equity $1,196,150 $1,251,300 Additional Information for 2021: 1. Net income is $75,000 2. The company purchases $113,000 in equipment. 3. Depreciation expense is $153,000 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $28,500 3 Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Adjustments to reconcile not income to net cash flows from operating activities 2 points Print References S 0 Net cash flows from operating activities Cash Flows from Investing Acties 0 Net cash flows from investing activities Cash Flows from Financing Activities Not cash flows from financing activities 0 Cash at the beginning of the period Cash at the end of the period 5