BGP Electrical Supply 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: Current Year Prior Year Balance sheet at December 31 Cash $ 31,400 Accounts receivable $ 38,800 35,000 30,800 Merchandise inventory 39,400 Property and equipment 41,000 124, 200 101,700 Less: Accumulated depreciation (32,700) (26,400) $206,300 Accounts payable $ 39,100 Accrued wages expense 2,700 Note payable, long-term 46, 200 92,700 Common stock and additional paid-in capital Retained earnings 25,600 $206,300 Income statement for current year Sales $132,000 Cost of goods sold 82,000 39,000 Other expenses Net income $ 11,000 Additional Data: a. Bought equipment for cash, $22,500. b. Paid $8.300 on the long-term note payable. c. Issued new shares of stock for $18,600 cash. d. No dividends were declared or paid e. Other expenses included depreciation, $6,300; wages, $20,700; taxes, $6,900; other, $5,100. 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 for the year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.) BGP ELECTRICAL SUPPLY Cash Flows $176,900 $ 30,200 3,500 54,500 74,100 14,600 $176,900 Required: 1. Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.) BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Cash flows from investing activities: Cash flows from financing activities