Sharp Screen Films, Inc., is developing its annual financial statements at December 31, 2015. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows 2015 2014 Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation $ 69,750 17,950 24,450 211,950 (61,400) 65,400 24,450 19,100 151,700 (46,950) $262,700 $213,700 Accounts payable Wages payable Note payable, long-term Contributed capital Retained earnings $11,600 21,800 2,500 74,200 66,900 48,300 6,300 62,200 101,800 80,800 $262,700 $213,700 Income statement for 2015 Sales Cost of goods sold Depreciation expense Oth $205,000 102,000 14,450 44,000 er expenses Net income $44,550 Additional Data a. Bought equipment for cash, $60,250 b. Paid $12,000 on the long-term note payable c. Issued new shares of stock for $34,900 cash d. Dividends of $12,050 were declared and paid e. Other expenses all relate to wages f. Accounts payable includes only inventory purchases made on credit. Required 1. Prepare the statement of cash flows using the direct method for the year ended December 31, 2015. (List cash outflows as negative amounts.) SHARP SCREEN FILMS, INC Statement of Cash Flows For the Year Ended December 31, 2015 Cash flows from operating activities Payments to suppliers Payments for wages Cash flows from investing activities: Cash payments to purchase fixed assets Cash payments for dividends Cash flows from financing activities: Payments for wages Cash receipts from issuing stock Cash payments for dividends Cash payments to purchase fixed assets