Presented here are the financial statements of Sheffield Company. SHEFFIELD COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,300 $19,300 Accounts receivable 32,200 20,000 Inventory 30,300 20,400 Property, plant, and equipment 59,600 77,900 Accumulated depreciation (29,800) (23,400) Total $128,600 $114,200 Liabilities and Stockholders' Equity Accounts payable $28,200 $ 16,700 Income taxes payable 7,500 8,400 26,300 33,200 Bonds payable Common stock 17,200 14,200 Retained earnings 49,400 41,700 Total $128,600 $114,200 SHEFFIELD COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,700 Cost of goods sold 175,300 66,400 Gross profit Selling expenses $18,450 Administrative expenses 6,150 24,600 Income from operations 41,800 Interest expense 2,000 Income before income taxes 39,800 Income tax expense 7,960 Net income $31,840 Additional data: 1. 2. Depreciation expense was $14,900. Dividends declared and paid were $24,140. During the year, equipment was sold for $9,800 cash. This equipment originally cost $18,300 and had accumulated depreciation of $8,500 at the time of sale. Bonds were redeemed at their carrying value. 3. 4. 5. Common stock was issued at par for cash. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. All operating expenses except for depreciation were paid in cash. 2. 3. All depreciation expense is in the selling expense category. 4. All sales and inventory purchases are on account. Prepare a statement of cash flows for Sheffield Company using the direct method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) SHEFFIELD COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities $ cash payments: $