Exercise 11-8 (Algo) Prepare a statement of cash flowsindirect 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	$155,100	$171,800
Accounts receivable	74,800	88,000
Inventory	87,000	72,800
Prepaid rent	2,400	1,200
Long-term assets:
Land	440,000	440,000
Equipment	732,000	630,000
Accumulated depreciation	(406,000)	(252,000)
Total assets	$1,085,300	$1,151,800
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$91,000	$77,800
Interest payable	6,900	13,800
Income tax payable	6,400	4,200
Long-term liabilities:
Notes payable	115,000	230,000
Stockholders' equity:
Common stock	660,000	660,000
Retained earnings	206,000	166,000
Total liabilities and stockholders' equity	$1,085,300	$1,151,800

Additional Information for 2024:

1. Net income is $61,000.
2. The company purchases $102,000 in equipment. No equipment was sold.
3. Depreciation expense is $154,000.
4. The company repays $115,000 in notes payable.
5. The company declares and pays a cash dividend of $21,000.

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.)