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

Additional Data:

a$.$ Bought equipment for cash, $$58,450.$

b$.$ Paid $$12,000$ on the long$-$term note payable.

c$.$ Issued new shares of stock for $$34,900$ cash.

d$.$ Dividends of $$12,050$ were declared and paid.

e$.$ Other expenses all relate to wages.

f$.$ Accounts payable includes only inventory purchases made on credit.

Required:

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.