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 $107,800 $118,100 80,000 94,500 100,000 84,500 5,000 2,500 505,000 505,000 810,000 695,000 (433,000) (278,000) $1,174,800 $1,221,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: $104,000 $89,500 6,300 12,600 9,000 5,500 105,000 210,000 Common stock 725,000 725,000 Retained earnings 225,500 179,000 Total liabilities and stockholders' equity $1,174,800 $1,221,600 Additional Information for 2024: $1,174,800 $1,221,600 Total liabilities and stockholders' equity Additional Information for 2024: 1. Net income is $74,000. 2. The company purchases $115,000 in equipment. No equipment was sold. 3. Depreciation expense is $155,000. 4. The company repays $105,000 in notes payable. 5. The company declares and pays a cash dividend of $27,500. 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 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