Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Balance sheet at December 31 Current Year Prior Year Cash Accounts receivable $ 69,750 $ 65,400 17,950 24,450 Merchandise inventory 24,450 19, 100 Property and equipment 211,950 151,700 Less: Accumulated depreciation (61,400) (46,950) $262,700 $213,700 Accounts payable $ 11,600 $ 21,800 Wages payable 2,500 6,300 Note payable, long-term 58,500 74,200 Common stock and additional paid-in capital 101,800 66,900 Retained earnings 88,300 44,500 $262,700 $213,700 Income statement for current year Sales $205,000 Cost of goods sold 102,000 Depreciation expense 14,450 Other expenses 44,000 Net income $ 44,550 Additional Data: a. Bought equipment for cash, $60,250. b. Paid $15,700 on the long-term note payable. c. Issued new shares of stock for $34,900 cash. d. Dividends of $750 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, current year. (List cash outflow as neqative amounts SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 $ 0