Joyner Company's income statement for Year 2 follows: 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 $714,000 106,000 608,000 150, 100 457,900 His 6,000 463,900 185,560 $278, 340 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 Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company Total assets Liabilities and Stockholders' Equity Accounts payable $ 254,649 228,003 319,000 10,000 811,640 631,000 166,000 465,000 50,000 $1,326, 640 $ 57,400 130,000 287,000 20,000 494,400 517,000 130, 700 386, 300 $889,700 $ 311,000 $252,000 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 254,640 228,000 319, eee 10, eee 811,640 631, eee 166,000 465, eee 50, eee $1,326,640 $ 57,400 130,000 287,000 20,000 494,400 517, eee 130, 700 386, 3ee $889,700 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 $ 311,000 47, eee 84,7ee 442,700 207, eee 649,780 333, eee 343,948 676,940 $1,326,640 $252, 57,eee 81,700 390, 7ee 118, eee 588,700 276,000 96, eee 372,000 $889,700 Equipment that had cost $31,200 and on which there was accumulated depreciation of $10,100 was sold during Year 2 for $27,100. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock. 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) 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