Condensed financial data of Gomi Company appear below: GORNI COMPANY Comparative Balance Sheet December 31 2017 2016 Assets Cash $ 27,000 $ 35,000 82.000 53,000 Accounts receivable Inventories 120,000 132,000 GORNI COMPANY Income Statement For the Year Ended December 31, 2017 Sales $480,000 $ Cost of goods sold 290.000 Gross Profit 190.000 All other expenses 113.000 Net income $77.000 Additional information: : 1. New plant assets costing $85,000 were purchased for cash in 2017. 2. Old plant assets costing $25,000 were sold for $5,000 cash when book value was $13,000 3. Land was purchased with a $20.000 bond issuance. 4. A cash dividend of S23,000 was declared and paid during the year. 5. Cash flows used by investing activities is $80,000 6. Cash flows used by financing activities is 523,000. Instructions (You must show work.): : a. Prepare the operating (indirect method) activities section of the statement of cash flows for the year. D. What is the correct change in cash that should be reported on the statement of cash flows for the year ended December 31, 2017? c. What is Gorni's 2017 free cash flow? Land 20,000 310.000 Plant assets Accumulated depreciation 0 250,000 _(60.000 $410.000 Total _165.000 $494.000 Liabilities and Stockholders' Equity $ 60,000 100,000 200,000 $ 50,000 Accounts payable Bonda payable Common stock Retained earnings Total 80,000 200,000 134.000 80.000 $410,000 $494.000