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 YearPrior YearBalance sheet at December $31$ Cash$ $73,250$$ $63,500$Accounts receivable$15,25021,350$Merchandise inventory$23,45018,000$Property and equipment$209,250160,350$Less: Accumulated depreciation$(57,450)(45,750)$ $ $263,750$$ $217,450$Accounts payable$ $16,500$$ $19,000$Wages payable$2,0002,700$Note payable, long$-$term$56,30071,000$Common stock and additional paid$-$in capital$103,95065,900$Retained earnings$85,00058,850$ $ $263,750$$ $217,450$Income statement for current year Sales$ $205,000$ Cost of goods sold$123,500$ Depreciation expense$11,700$ Other expenses$43,000$ Net income$ $26,800$ Additional Data:Bought equipment for cash, $$48,900.$Paid $$14,700$ on the long$-$term note payable.Issued new shares of stock for $$38,050$ cash.Dividends of $$650$ 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.