CHAPTER 13 CHECKPOINT PROBLEM #2 Wilma Company had the following information available at the end of 2018 Income Statement For Year Ended December 31,2018 Sales Cost of Goods Sold Gross Profit Operating Expenses Depreciation 441,000 205,200 235,800 14,800 79,400 10,300 11,900 Salaries Insurance Utilities Total Operating Expenses Operating Income Other Expenses/Losses 116.400 119,400 4,500 6,400 Gain on Sale of Equipme Interest Expense Income Before Taxes Income Tax Expense Net Income 117,500 19.900 97,600 The following additional information is available a. Investments costing $38,000 were purchased for cash. b. Equipment costing $20,000 with accumualted depreciation of $2,300 was sold for $22,200 cash. c. Equipment costing $90,000 was purchased-$60,000 cash was paid and a $30,000 long-term promissory note was signed for the balance due. d. A cash dividend of $45,000 was declared and paid to shareholders during the year. e. $1,000 of the long-tern note payable was paid. f. 5,000 shares of $1-par value common stock were issued for $3 per share cash. g. Land costing $24,700 was sold for $24,700 cash. REQUIRED A. Complete a set of cash flow T-accounts using the indirect method of computing cash flows from operations. B. Complete a set of cash flow T-accounts using the direct method of computing cash flows from operations