Joyner Company's income statement for Year 2 follows 716,000 301,000 415,000 217,000 198,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: 5,000 203,000 81,200 $121,800 Gain on sale of equipment Income before taxes Income taxes Net income Its balance sheet amounts at the end of Years 1 and 2 are as follows Year 2 Year 1 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment $ 53,400 53,200 142,000 276,000 11,000 22,000 655,400 493,200 509,000 166,900 131,100 463,100 377,900 272,000 319,000 630,000 Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company Total assets 49,000 $1,167,500 $871,100 Liabilities and StockholdersEquity 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 $ 318,000 $257,000 57,000 81,100 395,100 40,000 85,100 443,100 201,000 107,000 644,100502,100 271,000 98,000 523,400 369 00O 335,000 188,400 523.400369,000 $1,167,500 $871,100 Equipment that had cost $30,500 and on which there was accumulated depreciation of $10,900 was sold during Year 2 for $24,600 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 1Required 2Required 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.) Weaver Company Statement of Cash Flows-Indirect Method (partial) Net income 121800 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 $ 46,700 (5,000) (130,000) (43,000) 11,000 61,000 (17,000) 4,000 (72,300) $49,500 Required 2> Required Required 1Required 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 Net cash provided by operating activities Investing activities: Proceeds from sale of equipment Additions to property, plant, and equipment Loan to Hymans Company Financing activities: ssuance of bonds payable Issuance of common stock Cash dividends paid Beginning cash and cash equivalents Ending cash and cash equivalents