Check my work mode : This shows what is correct or incorrect for the work you have completed so far Joyner Company's income statement for Year 2 follows: $ 709,000 130,000 579,000 150,600 428,400 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income 9,000 437, 480 131,220 $306,180 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 $ 292,980 228,000 318,000 10,500 849, 480 640,000 66,600 473,400 47,000 $1,369,880 $ 42,800 148,000 282,000 21,000 493,800 510,000 131,400 378,600 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $872,400 $ 317,000 47.000 85,300 449,300 207.000 656,300 350,000 363,580 713,580 $1,369,880 $266,000 53,000 81,400 400,400 106,000 506,400 275,000 91.000 366,000 $872,400 Equipment that had cost $31,100 and on which there was accumulated depreciation of $11,800 was sold during Year 2 for $28,300. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock. Required: 1. Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. 2. Prepare a statement of cash flows for Year 2 3. Compute the free cash flow for Year 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using the Indirect method, compute the net cash provided by/used in operating activities for Year 2. (List any deduction in cash outflows as negative amounts.) 306,180 Joyner Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis: Depreciation $ 47,000 Gain on sale of equipment (9.000) Increase in accounts receivable (80,000) Increase in inventory (10,500) Decrease in prepaid expenses 36.000 Increase in accounts payable 51,000 Decrease in accounts payable 3,900 Decrease in accrued liabilities (6,000) oooooooo