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 $ 64,950 $ 63,900 Accounts receivable 15,950 23,150 Merchandise inventory 23,150 18,300 Property and equipment 209,750 150,800 Less: Accumulated depreciation (59,700 ) (46,050 ) $ 254,100 $ 210,100 Accounts payable $ 9,700 $ 19,900 Wages payable 2,700 3,100 Note payable, long-term 61,000 71,900 Common stock and additional paid-in capital 99,600 66,200 Retained earnings 81,100 49,000 $ 254,100 $ 210,100 Income statement for current year Sales $ 198,000 Cost of goods sold 95,000 Depreciation expense 13,650 Other expenses 43,300 Net income $ 46,050 Additional Data: Bought equipment for cash, $58,950. Paid $10,900 on the long-term note payable. Issued new shares of stock for $33,400 cash. Dividends of $13,950 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 indirect method for the year ended December 31, current year