Exercise $11-8($Algo$)$ Prepare a statement of cash flows$$indirect method $($LO$11-3,11-4,11-5)$

The balance sheets for Plasma Screens Corporation, along with additional information, are provided below:

PLASMA SCREENS CORPORATION

Balance Sheets

December $31,2024$ and $2023$

$20242023$

Assets

Current assets:

Cash $$112,750$ $$122,800$

Accounts receivable $78,40092,500$

Inventory $96,00080,900$

Prepaid rent $4,2002,100$

Long$-$term assets:

Land $485,000485,000$

Equipment $794,000675,000$

Accumulated depreciation $(429,000)(270,000)$

Total assets $$1,141,350$ $$1,188,300$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $$100,000$ $$85,900$

Interest payable $6,15012,300$

Income tax payable $8,2005,100$

Long$-$term liabilities:

Notes payable $102,500205,000$

Stockholders' equity:

Common stock $705,000705,000$

Retained earnings $219,500175,000$

Total liabilities and stockholders' equity $$1,141,350$ $$1,188,300$

Additional Information for $2024$:

Net income is $$70,000.$

The company purchases $$119,000$ in equipment. No equipment was sold.

Depreciation expense is $$159,000.$

The company repays $$102,500$ in notes payable.

The company declares and pays a cash dividend of $$25,500.$

Required:

Prepare the statement of cash flows using the indirect method. $($Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.$)$