Wilma Company had the following information available at the end of 2018:

Sales 441,000 Cost of Goods Sold 205,200 Gross Profit 235,800 Operating Expenses: Depreciation 14,800 Salaries 79,400 Insurance 10,300 Utilities 11,900 Total Operating Expenses 116,400 Operating Income 119,400 Other Expenses/Losses: Gain on Sale of Equipment 4,500 Interest Expense 6,400 (1,900) Income Before Taxes 117,500 Income Tax Expense 19,900 Net Income 97,600

The following additional information is available:

a. Investments costing $38,000 were purchased for cash.

b. Equipment costing $20,000 with accumulated depreciation of $2,300 was sold for $22,200 cash.

c. Equipment costing $90,000 was purchased--$60,000 cash was paid and a $30,000 long-term promissory note was signed for the balance due.

d. A cash dividend of $45,000 was declared and paid to shareholders during the year.

e. $1,000 of the long-tern note payable was paid.

f. 5,000 shares of $1-par value common stock were issued for $3 per share cash.

g. Land costing $24,700 was sold for $24,700 cash.

REQUIRED:

A. Complete a set of cash flow T-accounts using the indirect method of computing cash flows from operations.

B. Complete a set of cash flow T-accounts using the direct method of computing cash flows from operations.