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Presented here are the financial statements of Bonita Company. BONITA COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36.400 $20.800 Accounts receivable 32.700 19.500 Inventory 30.700 20.900 59.300 77.300 Property, plant, and equipment (29.700) (23.300) Accumulated depreciation $129.400 $115.200 Total Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Accounts payable $28,000 $ 16,600 Income taxes payable 7.000 8.300 Bonds payable 27.400 32.100 Common stock 18.200 13.700 Retained earnings 48.800 44,500 Total $129.400 $115.200 BONITA COMPANY Income Statement For the Year Ended December 31, 2022 BONITA COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241.900 Cost of goods sold 175.600 Gross profit 66.300 Selling expenses $18.525 Administrative expenses 6.175 24.700 Income from operations 41.600 2.600 Interest expense 39.000 Income before income taxes 7.800 Income tax expense $31.200 Net income Additional data: Depreciation expense was $16,600. 2. Dividends declared and paid were $26,900. 3. During the year, equipment was sold for $7.800 cash. This equipment originally cost $18.000 and had accumulated depreciation of $10.200 at the time of sale. 4. Bonds were redeemed at their carrying value 5. Common stock was issued at par for cash. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. All sales and inventory purchases are on account. (a) a Prepare a statement of cash flows for Bonita Company using the direct method. (Show amounts that decrease cashf a-sign eg. -15,000 or in parenthesis eg. (15,000).) BONITA COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities For Operating Expenses $ 31200 Less v cash payments: Increase in Accounts Receivable -13200 Increase in Inventory -9800 11400 Increase in Accounts Pavalbe um 3700 Net Cash Provided by Operating Activities 34900 Cash Flows from Investing Activities Sale of Equipment 7800 Cash Flows from Investing Activities 7800 Cash Flows from Financing Activities 4500 Issuance of Common Stock -4700 Redemption of Bonds Payment of Dividends - 26900 Net Cash Used by Financing Activities -27100 Net Increase in Cash 15600 Cash at Beginning of Period 20800 Cash at End of Period 36400 e Textbook and Media Save for later Attempts: 1 of 5 used Submt Answer ttempts: 1 of 5 used Submit (b). Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg.-45 or parentheses eg. Free cash flow $ e Textbook and Media Save for Later Attempts: 0 of 5 used Submit Ans