The Extra Surplus Company's Balance Sheet for December 31, 2017 and the Income Statement for 2018 are shown below. Extra Surplus Company Balance Sheet December 31, 2017 Assets Cash Accounts Receivable Inventory Property and Equipment, Net $ 16,000 8,000 19,200 32,000 $75,200 Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings $ 16,000 8,000 32,000 19,200 $ 75,200 Extra Surplus Company Income Statement For the Year Ended December 31, 2018 Sales $28,600 Cost of Goods Sold 6,600 Salaries and Wage Expense 6,600 Interest Expense 2,200 Other Expenses 1,100 Net Income $12,100 Additional data: Sales were $28,600; $17,600 in cash was received from customers. Bought new land for cash, $22,000. Sold other land for its book value of $11,000. Paid $2,200 principal on the long-term note payable and $2,200 in interest. Issued new shares of stock for $22,000 cash. Cash dividends of $3,400 were declared and paid to stockholders. Paid $12,700 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. 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 Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Prepare the statement of cash flows using the direct method. (Enter any deductions and cash outflows as a negative value.) EXTRA SURPLUS COMPANY Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Cash Flows from Investing Activities: Cash Flows from Financing Activities: 1,500 16,000 17,500 $