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Soft Touch Company was started several years ago by two golf instructors. The company's comparative balance sheets and income statement are presented below, along with additional information. Current Previous Year Year Balance Sheet at December 31 Cash $14,580 $9,750 Accounts Receivable 3,000 4,200 Equipment 12,100 11,000 Accumulated Depreciation-Equipment (3,770) (3,200) Total Assets $ 25,910 $ 21,750 Accounts Payable $ 1,700 $ 2,700 Salaries and Wages Payable 1,280 1,850. Notes Payable (long-term) Common Stock 3,700 1,000 11,000 11,000 Retained Earnings 8,230 5,200 Total Liabilities and Stockholders' $ 25,910 $ 21,750 Equity Income Statement Service Revenue $ 77,800 Salaries and Wages Expense. Depreciation Expense 71,500 578 2,700 Income Tax Expense Net Income $ 3,030 Additional Data: a Bought new golf clubs using cash, $1,100. b. Borrowed $2,700 cash from the bank during the year. c Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no Mability accounts relating to income tax, assume that Income Tax Expense was fully paid in cash. Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the direct method. TIP: Remember to exclude depreciation expense when converting to the cash basis. (Amounts to be deducted should be indicated with a minus sign.) SOFT TOUCH COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Cash Paid for Income Tax Cash Paid for Salaries and Wages to Employees Cash Collected from Customers Cash Paid for Other Operating Expenses Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Cash Payments to Purchase Equipment Net Cash Used in Investing Activities Cash Flows from Financing Activities: Cash Proceeds from Bank Loan Net Cash Provided by Financing Activities Net Increase in Cash during the Year Cash Balance, January 1 Cash Balance, December 31 $ (2.700) (1.100) 2,700 $ (2,700) (1.100) 2,700 0