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1. Depreciation expense was $17,100. 2. Dividends declared and paid were $22,580. 3. During the year, equipment was sold for $6,700 cash. This equipment originally

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1. Depreciation expense was $17,100. 2. Dividends declared and paid were $22,580. 3. During the year, equipment was sold for $6,700 cash. This equipment originally cost $18.200 and had accumulated depreciation of $11,500 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg. -45 or parentheses eg. (45) Free Cash Flow \$ SUNLAND COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,800 175,200 66,600 $18,450 6,150 24,600 42,000 3,900 38,100 7,620 $30,480 Prepare a statement of cash flows using the indirect method, (Show amounts that decrease cash flow with either a5igneg.15,000 or in parenthesis es. (15,000). SUNLAND COMPANY Comparative Balance Sheets December 31 \begin{tabular}{l|c||c|} \hline Assets & 2022 & 2021 \\ \hline Cash & $37,400 & $20,500 \\ Accounts receivable & 32,900 & 18,100 \\ Inventory & 30,600 & 20,000 \\ Property, plant, and equipment & 59,700 & 77,900 \\ \hline Accumulated depreciation & (29,100) & (23,500) \\ \hline Total & $131,500 & $113,000 \\ \hline & & \\ \hline Liabilities and Stockholders' Equity & & \\ \hline Accounts payable & $28,300 & $16,500 \\ \hline Income taxes payable & 7,500 & 8,200 \\ \hline \end{tabular} Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,300 7,500 27,900 18,600 49,200 $131,500 $16,500 8,200 32,800 14,200 41,300 $113,000 SUNLAND COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,800 Cost of goods sold 175,200

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