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Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Income taxes payable $28,7007,50026,200$16,9008,00033,200 \begin{tabular}{lrr} Commonstock & 19.000 & 13,200 \\ Retained earnings & 48,400 & 41,500 \\ Total & $129,800 & $112,800 \\ \hline \end{tabular} SHEFFIELD COMPANY Income Statement For the Year Ended December 31, 2022 Additional data: 1. Depreciation expense was $16,100. 2. Dividends declared and paid were $23.900. 3. During the year, equipment was sold for $7,600cash. This equipment originally cost $17,300 and had accumulated depreciation of $9,700 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Commonstock was issued at par for cash. Further analysis reveals the following. 3. All depreciation expense is in the selling expense category, 4. All sales and inventory purchases are on account. (a) Prepare a statement of cash flows for Sheffield Company using the direct method. (Show amounts that decrease cash flow with a-sign eg. 15,000 or in parenthesis eg. (15,000).) Compute free cash flow. (Enter negative amount using either a negative sign precedin Freecashflow \$ eTextbook and Media