Joyner Company's income statement for Year 2 follows: $ 702,000 96,000 606,000 216,000 390,000 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 7.000 397,000 119, 100 $277,900 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets $ 216,100 256.000 319.000 10,500 801,600 637,000 166,000 471,000 46,000 $1,318,600 $ 71,000 146.000 279.000 21.000 517,000 507,000 131,600 375,400 0 $892.400 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 $ 316,000 45.000 84.600 445,600 191,000 636,600 344,000 338,000 682,000 $1,318,600 $268,000 53,000 80,400 401,400 112,000 513,400 286,000 93,000 379,000 $892,400 Equipment that had cost $30,700 and on which there was accumulated depreciation of $10,900 was sold during Year 2 for $26.800. 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. Complete this question by entering vour answers in the tabs below. Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 191,000 112,000 636, 6005 13,400 344,000 286,000 339,000 93,000 682,000 379,000 $1,318,600 $892,400 Equipment that had cost $30,700 and on which there was accumulated depreciation of $10,900 was sold during Year 2 for $26,800. 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. 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.) Joyner Company Statement of Cash Flows Indirect Method (partial) Required 2 > hapters 3, 6, 12, 13, 14, 15 Saved 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Year 2 Year 1 $ 216,100 $ 71,000 256.000 146,000 319,000 279.000 10,500 21,000 801, 600517.000 637,000 507,000 166,000 131,600 471,000 375,400 46,000 O $1,318,600 $892,400 Assets cash 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 $ 316,000 $ 268,000 45.000 53,000 84.600 80,400 445,600 401,400 191.000 112,000 636,600513,400 344.000286.000 338.000 93.000 682,000 379,000 $1.318.600 5892.400 Equipment that had cost $30,700 and on which there was accumulated depreciation of $10,900 was sold during Year 2 for $26.800. 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 Complete this question by entering your answers in the tabs below. 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