2019 Comparative Balance Sheets December 31 Assets 2020 Cash $35,550 Accounts receivable 32,300 Inventory 26,000 Equipment 59,500 Accumulated depreciation-equipment (29,250) Total $124,100 $20,750 19,250 20,100 77,200 (23,600) $113,700 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,700 7,050 27,700 17,750 42,900 $124,100 $ 16,050 8,350 32,300 14,150 42,850 $113,700 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,500 175,650 65,850 24,250 41,600 3,450 38,150 9,000 $29,150 Additional data: 1. Dividends declared and paid were $29,100. 2. During the year, equipment was sold for $8,500 cash. This equipment cost $17,700 originally and had a book value of $8,500 at the time of sale. 3. All depreciation expense, $14,850, is in the operating expenses. 4. All sales and purchases are on account. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) NOSKER COMPANY Statement of Cash Flows Adjustments to reconcile net income to LINK TO TEXT LINK TO TEXT Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free Cash Flow