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Joyner Company's income statement for Year 2 follows: $ 713,000 143,000 570.000 150,400 419,600 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 8,000 427,600 171.040 $ 256,560 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 5 $ 245,660 227.000 319.000 9,000 800,660 624.000 165,500 458.500 40,000 $1.299.160 $ 73.100 119.000 288,000 18.000 498.900 514,000 130.700 383.300 0 $ 881.400 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipsent 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 $ 314.000 49.000 85.400 448.400 195.000 643.400 343.000 312.700 $ 253,000 57.000 80,400 390,400 113.000 503,400 288.000 90.000 378,000 $ 381.400 $1.299.160 Equipment that had cost $30.400 and on which there was accumulated depreciation of $10,300 was sold during Year 2 for $28,100, The company declared and paid a cash dividend during Year 2 It did not retire any bonds or repurchase any of its own stock 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.) Joyner Company Statement of Cash Flows-Indirect Method (partial) W Net income Adjustments to convert net income to a cash basis: Depreciation Gain on sale of equipment Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable Decrease in accounts payable Net cash used in operating activities 0 0 $ Required 23 Prepare a statement of cash flows for Year 2. (List any deduction in cash and cash outflows as negative amounts.) Joyner Company Statement of Cash Flows For Year 2 Operating activities Net cash provided by operating activities Investing activities Proceeds from sale of equipment Loan to Hymans Company Additions to property, plant, and equipment Additions to property, plant, and equipment 0 w Financing activities 0 0 Beginning cash and cash equivalents Ending cash and cash equivalents 5 Required 1 Required 2 Required 3 Compute the free cash flow for Year 2. (Negative amount should be indicated by a minus sign.) Free cash flow