Presented below are the financial statements of Marigold Company. Marigold Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 38,500 $ 22,000 Accounts receivable 22.000 15,400 Inventory 30,800 22,000 Property, plant, and equipment 66,000 Accumulated depreciation (35,200) $122,100 85,800 (26,400) $118,800 Total Liabilities and Stockholders' Equity Accounts payable $ 20,900 $16,500 Income taxes payable 7,700 8,800 Bonds payable 18,700 36,300 Common stock 19,800 15,400 Retained earnings 55,000 41,800 Total $122,100 $118,800 Marigold Company Income Statement For the Year Ended December 31, 2022 Sales revenue $266,200 Cost of goods sold 192,500 Gross profit 73,700 Selling expenses $19,800 Administrative expenses 6,600 26,400 Income from operations 47,300 Interest expense 3,300 Income before income taxes 44,000 Income tax expense 8,800 Net income $35,200 Additional data: 1. Depreciation expense was $19,250. 2. Dividends declared and paid were $22,000. 3. During the year equipment was sold for $9,350 cash. This equipment cost $19,800 originally and had accumulated depreciation of $10,450 at the time of sale. Your answer is partially correct. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Marigold Company Statement of Cash Flows For the Year Ended December 31, 2022 A Cash Flows from Operating Activities - Net Income A 35200 Adjustments to reconcile net income to Net Cash used by Investing Activities - Depreciation Expense 19250 Increase in Accounts Receivable -6600 Increase in Inventory -8800 Increase in Accounts Payable 4400 Decrease in Income Taxes Payable | -1100 X Your answer is incorrect. Compute free cash flow. (Show a negative free cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free cash flow $ 51700 e Textbook and Media