Exercise 11-8 (Algo) Prepare a statement of cash flows-indirect method (LO11-3, 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 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable 2024 2023 $112,750 $122,800 78,400 92,500 96,000 80,900 4,200 2,100 485,000 485,000 794,000 675,000 (429,000) (270,000) $1,141,350 $1,188,300 $100,000 $85,900 6,150 12,300 8,200 5,100 102,500 205,000 705,000 705,000 219,500 175,000 $1,141,350 $1,188,300 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Net income is $70,000. 2. The company purchases $119,000 in equipment. No equipment was sold. 2. Dancelation sunnen in 10000 t inces Additional Information for 2024: 1. Net income is $70,000. 2. The company purchases $119,000 in equipment. No equipment was sold. 3. Depreciation expense is $159,000. 4. The company repays $102,500 in notes payable. 5. 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.) PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period [ Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period [