Comparative Balance Sheets December 31 Assets 2020 2019 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total $34,300 32,800 26,900 59,900 (29,400) $124,500 $20,150 18,900 20,650 77,950 (23,550) $114,100 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,600 7,300 27,200 18,000 43,400 $ 16,050 8,200 33,300 13,700 42,850 Total $124,500 $114,100 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 $241,900 175,200 66,700 24,300 42,400 Nar Inroma search 2,300 40,100 7,750 S2222.50 e W Interest expense Income before income taxes Income tax expense Net income 40,100 7,750 $32,350 Additional data: 1. Dividends dedared and paid were $31,800. 2. During the year, equipment was sold for $8,250 cash. This equipment cost $18,050 on 3. All depreciation expense, $15,650, is in the operating expenses. 4. All sales and purchases are on account. Your answer is partially correct. Try again. Prepare a statement of cash flows using the indirect method. (Show amounts that decred NOSKER COMPANY Statement of Cash Flows December 31, 2020 Cash Flows from Operating Activities I Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities 32350 Depreciation Expense T Increase in Accounts Receivable s 15650 Increase in Inventory T -13900 search T -6250 e Wa -13900 Increase in Accounts Receivable -6250 Increase in Inventory -12550 Decrease in Accounts Payable 900 Increase in Income Taxes Payable -16150 Cash Flows from Operating Activities 16200 TCash Flows from Investing Activities Sale of Equipment 8250 Cash Flows from Financing Activities 8250 Cash Flows from Financing Activities Issuance of Bonds Payment of Dividends 6100 Issuance of Common Stock -31800 Net Cash Used by Financing Activities 4300 to search -21TUU Net Cash Used by Financing Activities 3050 Net Decrease in Cash cash at Beginning of Period 42200 Cash at End of Period 45250 LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Compute free cash flow. (Enter negative amount using either a negative sign precedingt Free Cash Flow Click if you would like to show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT ere to search