AP12-1 Preparing a Statement of Cash Flows (Indirect Method) ([@ P12-1) Ingersol Construction Supply Company is developing its annual flnancial 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: Yage oio Additional Data: a. Bought equipment for cash, $21,000. b. Paid $6,000 on the long-term note payable. c. Issued new shares of stock for $16,000 cash d. Dividends of $15,000 were declared and paid in cash. e. Other expenses included depreciation, \$5,000; wages, $20,000; taxes, $6,000; and other, $6,800. f. 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 using the indirect method for the year ended December 31, current year. 2. Evaluate the statement of cash flows