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 $ $66,650$ $ $65,900$

Accounts receivable $19,15025,750$

Merchandise inventory $25,75020,300$

Property and equipment $213,450152,500$

Less: Accumulated depreciation $(62,700)(47,750)$

$ $262,300$ $ $216,700$

Accounts payable $ $13,100$ $ $23,200$

Wages payable $5,2005,700$

Note payable, long$-$term $63,30076,000$

Common stock and additional paid$-$in capital $103,90067,500$

Retained earnings $76,80044,300$

$ $262,300$ $ $216,700$

Income statement for current year

Sales $ $211,000$

Cost of goods sold $108,000$

Depreciation expense $14,950$

Other expenses $44,600$

Net income $ $43,450$

Additional Data:

Bought equipment for cash, $$60,950.$

Paid $$12,700$ on the long$-$term note payable.

Issued new shares of stock for $$36,400$ cash.

Dividends of $$10,950$ 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 indirect method for the year ended December $31,$ current year.

Note: List cash outflows as negative amounts.