Sharp Sereen Films, Incorporated, is developing its annual financial statements at December 31, current year. The stotements are complete except for the statement of cash fows. The completed comporative balance sheets and income statement are summorized as follows: Additional Data. a. Bought equipment for cash, $60.850 b. Paid $15,770 on the long-term note payable c. lisued new shares of stack for $35,300 cash d. Dividends of $780 were declared and paid e. Other expenses all relate to wages. f. Accounts payabie includes only inventory purchases made on credit. Required: 1. Prepore 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: Additional Data: a. Bought equipment for cash, $60,850. b. Paid $15,770 on the long-term note payable. c. Issued new shares of stock for $35,300 cash. d. Dividends of $780 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 direct method for the year ended December 31 , current year. Note: List cash outflows as negative amounts. 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 Sereen Films, Incorporated, is developing its annual financial statements at December 31, current year. The stotements are complete except for the statement of cash fows. The completed comporative balance sheets and income statement are summorized as follows: Additional Data. a. Bought equipment for cash, $60.850 b. Paid $15,770 on the long-term note payable c. lisued new shares of stack for $35,300 cash d. Dividends of $780 were declared and paid e. Other expenses all relate to wages. f. Accounts payabie includes only inventory purchases made on credit. Required: 1. Prepore 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: Additional Data: a. Bought equipment for cash, $60,850. b. Paid $15,770 on the long-term note payable. c. Issued new shares of stock for $35,300 cash. d. Dividends of $780 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 direct method for the year ended December 31 , current year. Note: List cash outflows as negative amounts. 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