Fairfield Corp. Selected Comparative Balance Sheet Accounts Cash Accounts Receivable Inventory Prepaid Expenses Property, Plant & Equipment Accumulated Depreciation Accounts Payable Accrued Payables Note Payable Common Stock PIC-in excess of PV-cs Retained Earnings 12/31/2018 12/31/2017 $78,000 $24,000 15,000 20,000 34,000 32,000 9,000 6,000 70,000 40,000 -45,000 -37,000 -8,000 -7,000 -2,000 -8,000 -40,000 0 -50,000 -30,000 -20,000 -10,000 -41,000 -30,000 Fairfield Corp. Income Statement For the year ended 12/31/18 Sales Cost of goods sold Gross Profit Operating expenses Gain on Sale of PPE Net Income $690,000 -470,000 220,000 -193,000 4,000 $31,000 Fairfield Corp. Statement of Retained Earnings For the year ended 12/31/18 Beginning retained earnings, 1/1/18 Add: Net Income Less: Dividends Ending retained earnings, 12/31/18 $30,000 31,000 -20,000 $41,000 Additional information: Fairfield purchased $60,000 of PPE in 2018 Depreciation expense is included in operating expenses. The PPE that was sold was 70% depreciated at the time of sale. Prepare a statement of cash flows for 2018 usinf the Direct Method