2. Nichol Corporation's comparative balance sheets are presented below. 2019 Change $ 17,700 NICHOL CORPORATION Comparative Balance Sheets December 31 2020 Cash . $ 12,200 Accounts receivable 25,200 Investments 25,000 Equipment 60,000 Accumulated depreciation (14,000) Total $108,400 22,300 16,000 (10,000) $116,000 Accounts payable $11,100 $ 14,600 10,000 Bonds payable 30,000 45,000 Common stock 50,000 Retained earnings 33,800 29,900 Total $108,400 $116,000 Additional information: 1. Net income was $17,300. 2. Depreciation expense was $6200 (only non-cash item on Income Statement) 3. Dividends declared and paid were $13,400. 4. Equipment which cost $10,000 and had accumulated depreciation of $2,200 was sold for $3,800. 5. All other changes in long-term assets and long-term liabilities had a direct effect on cash flows, except the change in accumulated depreciation, due to the sale of the equipment. (a) Prepare a statement of cash flows for 2020 using the indirect method. (See below) NICHOL CORPORATION Statement of Cash Flows Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Net cash by operating activities. Cash flows from investing activities Net cash by investing activities ..... Cash flows from financing activities Net cash_ by financing activities. Net _in cash Cash at beginning of period Cash at end of period 3. The following information is available for Young Corporation: Capital expenditures $115,000 Cash dividends 75,000 Cash provided by operations 220,000 Net income 130,000 Sales 600,000 Instructions Compute Young Corporation's free cash flow