2.00 points 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 ows. The completed comparative balance sheets and income statement are summarized as follows Current YearPrior Year Balance sheet at December 31 S 70,550 19,150 25,750 213,450 65,900 25,750 20,300 152,600 Accounts receivable Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Nate payable, long-term Contributed capital Retained camings 266,200 S 13,100 7,200 63,300 103,900 78,700 $ 23,200 3,900 76,000 67,500 Income statement for current year Cost of goods sold Depreciation expense Other expenses Net income S 211,000 108,000 14.950 44,600 43,450 Additional Data: a. Bought equipment for cash, $60,850. b. Paid $12,700 on the long-term note payable. c. Issued new shares of stock for $36,400 cash. d. Dividends of $10,950 were declared and paid. e. Other expenses all relate to wages. f. 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.) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Cash flows from investing activities Cash flows from financing activities