Check my work mode : This shows what im 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 $17.500 Accounts Receivable 8,750 Inventory 21,000 Property and Equipment, Net 35,000 $82,250 Liabilities and Stockholders' Equity Accounts Payable $17,500 Notes Payable, Long-Term 8,750 Common Stock 35,000 Retained Earnings 21,000 $82,250 Extra Surplus Company Income Statement For the Year Ended December 31, 2018 Sales $32,500 Cost of Goods Sold 7,500 Salaries and Wage Expense 7,500 Interest Expense 2,500 Other Expenses 1,250 Net Income $13,750 Additional data: Sales were $32,500: $20,000 in cash was received from customers Bought new land for cash, $25,000. Sold other land for its book value of $12,500. Paid $2.500 principal on the long term note payable and $2,500 in interest. Issued new shares of stock for $25,000 cash. Cash dividends of $4,000 were declared and paid to stockholders. Paid $14.500 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required B Prepare a balance sheet at December 31, 2018 EXTRA SURPLUS COMPANY Cost of Goods Sold 7,500 Salaries and Wage Expense 7,500 Interest Expense 2,500 Other Expenses 1,250 Net Income $13,750 Additional data: Sales were $32,500 $20,000 in cash was received from customers. Bought new land for cash, $25,000 Sold other land for its book value of $12,500. Paid $2,500 principal on the long-term note payable and $2,500 in interest. Issued new shares of stock for $25,000 cash Cash dividends of $4.000 were declared and paid to stockholders. Paid $14.500 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, Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required A B Prepare a balance sheet at December 31, 2018. EXTRA SURPLUS COMPANY Balance Sheat at December 31 2018 0 0 Required B Paid $14,500 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Prepare the statement of cash flows using the direct method. (Enter any deductions cash outflows as a negative value.) EXTRA SURPLUS COMPANY Statement af Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: 0 Cash Flows from Investing Activities: 0 Cash Flows from Financing Activities: 0 1,500 17,500 19.000 TI