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 2024 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 Income tax payable Long-term liabilities: Notes payable Common stock Retained earnings Stockholders' equity: Total liabilities and stockholders' equity $154,350 $169,000 74,400 87,500 86,000 71,900 2,200 1,100 435,000 726,000 (403,000) 435,000 625,000 (250,000) $1,139,500 $1,074,950 $90,000 6,750 $76,900 13,500 6,200 4,100 112,500 225,000 655,000 655,000 204,500 165,000 $1,074,950 $1,139,500 es Additional Information for 2024: 1. Net income is $60,000. 2. The company purchases $101,000 in equipment. No equipment was sold. 3. Depreciation expense is $153,000. 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $20,500. 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 nows from operating activities ces 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