Presented here are the financial statements of Sheffield Company. SHEFFIELD COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37,600 $ 20,700 Accounts receivable 32,200 18,000 Inventory 29,800 20,200 59,800 Property, plant, and equipment Accumulated depreciation 77,100 (29,600) (23,200) Total $ 129,800 $ 112,800 Liabilities and Stockholders' Equity Accounts payable $ 28,700 $ 16,900 Income taxes payable 7,500 8,000 Bonds payable 26,200 33,200 Common stock 19,000 13,200 Retained earnings 48,400 41,500 Total $ 129,800 $ 112,800 Curri DAN SHEFFIELD COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $ 242,800 Cost of goods sold 176,500 Gross profit 66,300 Selling expenses $ 17,925 Administrative expenses 5,975 23,900 Income from operations 42,400 Interest expense 3,900 Income before income taxes 38,500 Income tax expense 7,700 Net income $ 30,800 Additional data: 3. 1. Depreciation expense was $ 16,100. 2. Dividends declared and paid were $ 23,900. During the year, equipment was sold for $7,600 cash. 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. Common stock was issued at par for cash. Further analysis reveals the following 1 2. Accounts payable pertain to merchandise suppliers. All operating expenses except for depreciation were paid in cash. All depreciation expense is in the selling expense category, All sales and inventory purchases are on account 3. 4. Prepare a statement of cash flows for Sheffield Company using the direct method. (Show amounts that decrease cash flow with either Q-sign .g.-15,000 or in parenthesis es. (15,000).)