New Line 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 YearBalance sheet at December 31 Cash $66,650 $65,000 Accounts receivable 16,950 23,750 Merchandise inventory 23,750 18,800 Property and equipment 211,050 153,200 Less: Accumulated depreciation (60,700 ) (46,650 ) $257,700 $214,100 Accounts payable $10,700 $21,000 Wages payable 3,900 4,300 Note payable, long-term 61,900 73,400 Contributed capital 100,800 66,600 Retained earnings 80,400 48,800 $257,700 $214,100 Income statement for current year Sales $202,000 Cost of goods sold 99,000 Depreciation expense 14,050 Other expenses 43,700 Net income $45,250 Additional Data:A - Bought equipment for cash, $57,850.B - Paid $11,500 on the long-term note payable.C - Issued new shares of stock for $34,200 cash.D - Dividends of $13,650 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 of the current year.