ACCT1101 - Introduction to Financial Accounting Chapter Additional Data: a. Bought equipment for cash, $48,900. b. Paid $14,700 on the long-term note payable. c. Issued new shares of stock for $38,050 cash. d. Dividends of $650 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. Required: 1. Prepare the statement of cash flows using the indirect method for the year ended December 31 , current year. 2. Based on the cash flow statement, write a short paragraph explaining the major sources and uses of cash by Sharp Screen Films during the current year. P12-1 Preparing a Statement of Cash Flows (Indirect Method) L012-1, 12-2, 12-4, 12-6 Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows