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 $66,550 $65,500
Accounts receivable 18,150 24,750
Merchandise inventory 24,750 19,200
Property and equipment 212,250 152,600
Less Accumulated depreciation (61,500) (47,050)
$260,200 $215,000
Accounts payable $11,800 $21,900
Wages payable 4,500 5,100
Note payable, long-term 62,300 74,400
Contributed capital 102,000 67,000
Retained earnings 79,600 46,600
$260,200 $215,000
Income statement for current year
Sales $206,000
Cost of goods sold 103,000
Depredation expense 14,450
Other expenses 44,100
Net income $44,450

Additional Data:

a. Bought equipment for cash $59 650.
b. Paid $12,100 on the long-term note payable.
c. Issued new shares of stock for $35,000 cash.
d. Dividends of $11,450 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.