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: 2014 Balance sheet at December 31 Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation $ 67,250 66,400 26,050 21,000 153,300 (63,700 (48,050) 20,050 26,050 214,350 $264,000 $218,700 Accounts payable Wages payable Note payable, long-term Contributed capital Retained earnings $ 13,700 24,100 6,100 76,300 67,900 44,300 5,500 64,200 104,500 76,100 $264,000 $218,700 Income statement for 2015 Sales Cost of goods sold Depreciation expense Other expenses $214,000 111,000 15,650 44,900 Net income $ 42,450 Additional Data: a. Bought equipment for cash, $61,050. b. Paid $12,100 on the long-term note payable c. Issued new shares of stock for S36,600 cash. d. Dividends of $10,650 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. 1. Prepare the statement of cash flows using the indirect 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: Adjustments to reconcile net income to net cash provided by Cash flows from investing activities: Cash flows from financing activities