Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The sta except for the statement of cash flows. The completed comparative balance sheets and income statement Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable. Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income Current Year $ 70,150 18,450 25,150 212,850 (62,000) $264,600 $ 12,200 3,300 59,730 Prior Year $ 66,000 25,150 19,600 152,000 (47,250) $215,500 $ 22,400 6,700 75,500 67,200 102,500 86,870 43,700 $264,600 $215,500 $208,000 105,000 14,750 44,300 $ 43,950 Additional Data a. Bought equipment for cash, $60,850. b. Paid $15,770 on the long-term note payable. c. Issued new shares of stock for $35,300 cash. d. Dividends of $780 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, curre negative amounts.) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: 0 < Prev