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: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Additional Data: a. Bought equipment for cash, $20,700. b. Paid $6,300 on the long-term note payable. c. Issued new shares of stock for $16,700 cash. d. No dividends were declared or paid. Current Year Prior Year $ 37,300 $ 29,400 28,900 32,700 42,000 121,500 (30,700) $ 202,800 38,300 100,800 (25,300) $ 172,100 $ 27,900 1,800 $ 36,700 1,400 44,500 50,800 89,600 72,900 30,600 18,700 $ 202,800 $ 172,100 $ 123,000 73,000 38,100 $ 11,900 e. Other expenses included depreciation, $5,400; wages, $20,200; taxes, $6,500; other, $6,000. 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. Note: List cash outflows as negative amounts.