Prepare the statement of cash flows using the indirect method & ise any supplemental disclosures.

The management team of Wickersham Brothers Incorporated is preparing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized. Current Year Prior Year $ 70, 500 180, eee 75,000 140,000 (39, 688) $ 345,900 $ 91,500 87,500 81,250 75,000 (20,000) $ 315,250 Balance Sheet Assets Cash Accounts Receivable Inventory Property and Equipment Less: Accumulated Depreciation Total assets Liabilities: Accounts Payable Salaries and Wages Payable Notes Payable, Long-Term Stockholders' Equity: Common Stock Retained Earnings Total liabilities and Stockholders equity Income Statement Sales Cost of Goods Sold Depreciation Expense Other Expenses Net Income $ 12,500 2,500 62,500 $15, eee 1,250 75,000 120,000 148, 480 $ 345,980 100, 228 124,000 $ 315,25 $ 380,890 160,000 19,6ee 75,899 $ 45,400 Other information from the company's records includes the following: Bought equipment for cash. $65,000 Paid $12 500 on long-term note navable Suomi Bought equipment for cash. $65.000 Paid $12.500 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $21.000 were declared and paid to stockholders. Accounts Payable arose from Inventory purchases on credit. Income tax expense ($11,350) and interest expense ($3,750) were paid in full at the end of both years and are included in other Expenses Required: a. Prepare the statement of cash flows using the Indirect method. Include any supplemental disclosures (Enter any deductions and cash outflows as a negative value.) WICKERSHAM BROTHERS INCORPORATED Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash provided by operating activities Changes in current assets and current liabilities