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:

Additional Data:

1. Bought equipment for cash, $61,150.
2. Paid $12,400 on the long-term note payable.
3. Issued new shares of stock for $36,300 cash.
4. Dividends of $10,550 were declared and paid.
5. Other expenses all relate to wages.
6. Accounts payable includes only inventory purchases made on credit.

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 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Current Year $ 66,950 19,550 25,850 213,850 (63, 000) $263,200 $ 13,300 5,300 63,700 104,000 76,900 $263,200 Prior Year $ 66,100 25,850 20,500 152,700 (47,850) $217,300 $ 23,600 5,600 76,100 67,700 44,300 $217,300 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 $212,000 109,000 15,150 44,700 $ 43,150 Additional Data: a. Bought equipment for cash, $61,150. b. Paid $12,400 on the long-term note payable. c. Issued new shares of stock for $36,300 cash. d. Dividends of $10,550 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 indirect method for the year ended December 31, current year. (List cash outflows as negative amounts.) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Cash flows from investing activities: Cash flows from financing activities