The Extra Surplus Company's Balance Sheet for December 31, 2017 and the Income Statement for 2018 are shown below. Extra Surplus Company Cash pped Balance Sheet December 31, 2017 Assets. $17,000 Accounts Receivable 8,500 Inventory 20,400 Property and Equipment, Net 34,000 $79,900 Liabilities and Stockholders' Equity Accounts Payable $17,000 Notes Payable, Long-Term 8,500 Common Stock 34,000 Retained Earnings 20,400 $79,900 Extra Surplus Company Income Statement For the Year Ended December 31, 2018 Sales Cost of Goods Sold Salaries and Wage Expense Interest Expense Other Expenses Net Income $31,200 7,200 7,200 2,400 1,200 $13,200 ed Additional data: . Sales were $31,200; $19,200 in cash was received from customers. Bought new land for cash, $24,000. Sold other land for its book value of $12,000. Paid $2,400 principal on the long-term note payable and $2,400 in interest. Issued new shares of stock for $24,000 cash. Cash dividends of $3,800 were declared and paid to stockholders. Paid $13,900 on accounts payable. No inventory purchases were made; other expenses were incurred on account. All wages were paid in cash. Other expenses were on account. Required: a. Prepare a balance sheet at December 31, 2018. b. Prepare the statement of cash flows using the direct method. ped Complete this question by entering your answers in the tabs below. Required A Required B Prepare a balance sheet at December 31, 2018. EXTRA SURPLUS COMPANY Balance Sheet at December 31 2018 $ 0 S 0 Required B > EXTRA SURPLUS COMPANY Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Cash Flows from Investing Activities: 0 Cash Flows from Financing Activities: 0 1,500 17,000 $ 18,500 < Required A