P12-2 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 126 BGP Electrical Supply 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: BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year \begin{tabular}{|l|l|l|} \hline Cash flows from operating activities: & & \\ \hline & & \\ \hline \begin{tabular}{l} Adjustments to reconcile net income to net cash provided \\ by operating activities: \end{tabular} & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Cash flows from investing activities: & & \\ \hline & & \\ \hline & & \\ \hline Cash flows from financing activities: & & \\ \hline \end{tabular} a. Bought equipment for cash, $22,900. b. Paid $5,400 on the long-term note payable. c. Issued new shares of stock for $19,700 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $6,900; wages, $20,500; taxes, $6,200; other, $5,900. f. Accounts payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash