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Presented below are the financial statements of Kingbird Company. Kingbird Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 84,000 $ 48.000 Accounts receivable 48,000 33,600 Inventory 67,200 48,000 Property, plant, and equipment 144.000 187,200 Accumulated depreciation (76,800) (57,600) Total $266,400 $259,200 Liabilities and Stockholders' Equity Accounts payable $ 45,600 $36,000 Income taxes payable 16,800 19,200 Bonds payable 40,800 79,200 Common stock 43,200 33,600 Retained earnings 120,000 91,200 Total $266,400 $259,200 Kingbird Company Income Statement For the Year Ended December 31, 2022 Sales revenue $580,800 Cost of goods sold 420,000 Gross profit 160,800 Selling expenses $43,200 Administrative expenses 14.400 57,600 Income from operations 103,200 Interest expense 7,200 Income before income taxes 96,000 Income tax expense 19,200 Net income $ 76,800 Additional data: 1. 2 Depreciation expense was $42,000. Dividends declared and paid were $48.000. During the year equipment was sold for $20.400 cash. This equipment cost $43,200 originally and had accumulated depreciation of $22,800 at the time of sale. 3 -/11 Part 1 Prepare a statement of cash flows using the Indirect method (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis eg. (15,000)) Kingbird Company Statement of Cash Flows Adjustments to reconcile net income to 8094 Part 2 Compute free cash flow. (Show a negative free cash flow with ether a signes. -15,000 or in porentheses (15.000 Free cash flow $