Please correct all of the ones marked red. Thank you!!!

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 incong $ 791,00 212,00 489,000 151,400 337,600 7.000 344,600 101.380 $ 241,220 Its balance sheet amounts at the end of Years 1 and 2 are as follows: es 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 equipent Loan to Hyuans Company Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current abilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total Habilities and stockholders' equity 5204,920 229,000 319.000 3.000 260,920 633,00 165, 100 467.900 46.000 $1,274, 120 568,700 141,600 286,00 16,000 $11.200 511,000 110.500 102,100 $894,200 $315,000 45.000 314 700 444,700 104 635,7 333,000 30.120 636, 120 $1,274,20 $ 268,000 59,000 1,200 400,200 119.000 522 200 275,000 92,000 362.000 5.894,200 Equipment that had cost $31,100 and on which there was accumulated depreciation of $11,000 was sold during Year 2 for $27100. 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: 4 Hi- % Answer is not complete. 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 cash outflows as negative amounts.) IS 241 220 Joyner Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis Depreciation $ 45,600 Gain on sale of equipment 7,000 Increase in income taxes payable 3.500 Increase in accounts receivable (88,000) Increase in inventory (33.000) Decrease in prepaid expenses 8,000 Increase in accounts payable 47.000 Decrease in accrued liabilities (14,000) O OOOO0 Net cash used in operating activities (23.900) IS 217,320 . Required Required 2 > 3. Compute the free cash flow for Year 2 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required! Required 3 Prepare a statement of cash flows for Year 2. (List any deduction in cash and cash outflows as negative amounts. $ 241,220 Joyner Company Statement of Cash Flows For Year 2 Operating activities: Net cash provided by operating activities Investing activities Depreciation x $ Decrease in prepaid expenses > Increase in accounts receivable Increase in inventory X Net cash provided by operating activities Financing activities: Issuance of bonds payable Issuance of common stock Cash dividends paid 45,600 80,000 88,000 33,000 X 246,600 >IS 75,000 58,000 27.100 % Net cash provided by financing activities Net decrease in cash Beginning cash and cash equivalents Ending cash and cash equivalents 160,100 647,920 $ 647,920 16 24,41,040 3, IULGI ose 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 ts $ 315,000 45,000 84,780 444,700 194,089 638,789 333,000 303, 120 636,120 $1,274,820 $ 268, cee 59,800 81,200 408,200 119,000 527,200 275,000 92,000 367,000 $ 894,200 Equipment that had cost $31100 and on which there was accumulated depreciation of $11.000 was sold during Yea company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own 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 Answer is not complete. 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 $ 647.920