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:

Current Year Prior Year

Balance sheet at December $31$

Cash $ $68,850$ $ $64,500$

Accounts receivable $16,25023,350$

Merchandise inventory $23,35018,600$

Property and equipment $210,550151,400$

Less: Accumulated depreciation $(60,400)(46,250)$

$ $258,600$ $ $211,600$

Accounts payable $ $10,300$ $ $20,400$

Wages payable $1,8005,300$

Note payable, long$-$term $54,55072,500$

Common stock and additional paid$-$in capital $100,30066,400$

Retained earnings $91,65047,000$

$ $258,600$ $ $211,600$

Income statement for current year

Sales $ $200,000$

Cost of goods sold $97,000$

Depreciation expense $14,150$

Other expenses $43,500$

Net income $ $45,350$

Additional Data:

Bought equipment for cash, $$59,150.$

Paid $$17,950$ on the long$-$term note payable.

Issued new shares of stock for $$33,900$ cash.

Dividends of $$700$ were declared and paid.

Other expenses all relate to wages.

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.

Note: List cash outflows as negative amounts.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:

$\backslash$table$[[,$Current Year,Prior Year$],[$Balance sheet at December $31,,],[$Cash$,$$$8,850,$$$64,500$