P$12-3($Algo$)($Supplement A$)$ Preparing a Statement of Cash Flows $($Direct Method$)$

Sharp Screen Films, Incorporated, is developing its annual financial statements at December $31,$ current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows:

Additional Data:

a$.$ Bought equipment for cash, $\backslash$$$59,750.$

b$.$ Paid $\backslash (\backslash$$ $16,630\backslash )$ on the long$-$term note payable.

c$.$ Issued new shares of stock for $\backslash$$$34,200$ cash.

d$.$ Dividends of $\backslash (\backslash$$ $720\backslash )$ were declared and paid.

e$.$ Other expenses all relate to wages.

f$.$ Accounts payable includes only inventory purchases made on credit.

Required: Required:

$1.$ Prepare the statement of cash flows using the direct method for the year ended December $31,$ curre Note: List cash outflows as negative amounts.

$02$:$52$:$24$

Answer is complete but not entirely correct.