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Question 1 Waterways prepared the balance sheet and income statement for the irrigation installation division for 2020. Now the company also needs to prepare a statement of cash flows for the same division. The comparative balance sheets for Waterways Corporation's Irrigation Installation Division for the years 2019 and 2020 and the income statement for the year 2020 are presented below. Additional information: 1. Waterways sold a company vehicle for $24,100. The vehicle had been used for 10 years. It cost $80,200 when purchased and had a 10-year life and a $5,900 salvage value. Straight-line depreciation was used. 2. Waterways purchased with cash new equipment costing $210,300. 3. Prepaid expenses increased by $33,600. All changes in accounts payable relate to inventory purchases. WATERWAYS CORPORATION-INSTALLATION DIVISION Balance Sheets December 31 Assets 2020 2019 $744,200 545,800 $829,900 676,300 701,400 16,700 75,800 2,300,100 7,600 42,200 1,339,800 298,000 298,000 450,000 450,000 927,200 797,100 40,700 40,700 (481,500) (481,100) 1,234,400 1,104,700 $3,534,500 $2,444,500 Current assets Cash Accounts receivable Work in process Inventory Prepaid expenses Total current assets Property, plant, and equipment Land Buildings Equipment Furnishings Accumulated depreciation Total property, plant, and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Wages payable Interest payable Other current liabilities Revolving bank loan payable Total current liabilities Long-term liabilities Note payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $128,500 79,600 2,000 $156,400 101,500 4,400 1,200 14,500 14,800 292,800 15,400 225,500 142,000 434,800 225,500 1,250,000 1,250,000 1,849,700 969,000 3,099,700 2,219,000 $3,534,500 $2,444,500 WATERWAYS CORPORATION-INSTALLATION DIVISION Income Statement For the Year Ending December 31, 2020 Sales $5,517,843 Less: Cost of goods sold 3,139,000 Gross profit 2,378,843 Operating expenses Advertising $49,600 Insurance 400,100 Salaries and wages 581,200 Depreciation 74,700 Other operating expenses 21,300 Total operating expenses 1,126,900 Income from operations 1,251,943 Other income Gain on sale of equipment 18,200 Other expenses Interest expense (12,000) Net other income and expenses 6,200 Income before income tax 1,258,143 Income tax expense 377,443 Net income $880,700 WATERWAYS CORPORATION-Installation Division Statement of Cash Flows-Indirect Method $ Adjustments to reconcile net income to $ V $ (c) Determine free cash flow for the year 2020. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free cash flow $ Click if you would like to Show Work for this question: Open Show Work