Sharp Screen Films, Incorporated, 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 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 Prior Year $ 66,550 $ 65,500 18,150 24,750 24,750 212,250 (61,500) $ 260,200 $ 11,800 4,500 19,200 152,600 (47,050) $ 215,000 $ 21,900 5,100 62,300 74,400 102,000 67,000 79,600 46,600 $ 260,200 $ 215,000 $ 206,000 103,000 14,450 44,100 $ 44,450 Additional Data: a. Bought equipment for cash, $59,650. b. Paid $12,100 on the long-term note payable. c. Issued new shares of stock for $35,000 cash. d. Dividends of $11,450 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. Note: List cash outflows as negative amounts.