Sharp Screen Films, Inc., 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 $ 68,750 $ 64,400 Accounts receivable 16,050 23,250 Merchandise inventory 23,250 18,400 Property and equipment 209,950 151,200 Less: Accumulated depreciation (60,100 ) (46,150 ) $ 257,900 $ 211,100 Accounts payable $ 9,900 $ 20,000 Wages payable 1,700 5,000 Note payable, long-term 53,840 72,100 Common stock and additional paid-in capital 99,800 66,300 Retained earnings 92,660 47,700 $ 257,900 $ 211,100 Income statement for current year Sales $ 199,000 Cost of goods sold 96,000 Depreciation expense 13,950 Other expenses 43,400 Net income $ 45,650 Additional Data: Bought equipment for cash, $58,750. Paid $18,260 on the long-term note payable. Issued new shares of stock for $33,500 cash. Dividends of $690 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. (List cash outflows as negative amounts.)