Sporting Is Us, Inc. has been providing coaching services for several years. The company's balance sheets for two years and their current income statement follow, along with additional information. Balance Sheet at December 31 Current Year Previous Year Cash 6,240 $ 4,280 1,790 5,200 (1,270) Accounts Receivable Equipment Accumulated Depreciation-Equipment 920 5,720 (1,540) Total Assets $11,340 $10,000 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings $1,200 750 500 5,200 2,350 680 480 1,600 5,200 3,380 Total Liabilities and Stockholders Equity $11,340 $10,000 Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense $37,900 35,400 270 1,200 $1,030 Net Income Additional Data: a. Bought new equipment for cash, $520. Additional Data: a. Bought new equipment for cash, $520. b. Borrowed $1,100 cash from the bank during the year. C. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash. Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) SPORTING IS US, INC. Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Cash Flows from Investing Activities: Cash Flows from Financing Activities: 0 $ 0