Presented below are the financial statements of Oriole Company. Oriole Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory 2022 $ 77,000 44,000 61,600 132,000 (70,400) $244,200 2021 $44,000 30,800 44,000 171,600 (52,800) $237,600 Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable $ 41,800 15,400 37,400 39,600 110,000 $244,200 $33,000 17,600 72,600 30,800 83,600 $237,600 Common stock Retained earnings Total Oriole Company Income Statement For the Year Ended December 31, 2022 Sales revenue $532,400 Cost of goods sold 385,000 Gross profit 147,400 Selling expenses $39,600 Administrative expenses 13,200 52,800 Income from operations 94,600 Interest expense 6,600 Income before income taxes 88,000 Income tax expense 17,600 Net income $ 70,400 Additional data: 1. Depreciation expense was $38,500. 2. Dividends declared and paid were $44.000. 3. During the year equipment was sold for $18,700 cash. This equipment cost $39,600 originally and had accumulated depreciation of $20,900 at the time of sale. Your answer is 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 eg. (15,000).) Oriole Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 70400 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense D 39500 38500 Increase in Accounts Receivable -13200 Increase in Inventory -17600 Increase in Accounts Payable 8800 Decrease in Income Taxes Payable -2200 14300 Net Cash Provided by Operating Activities 84700 Cash Flows from Investing Activities Sale of Equipment 18700 Cash Flows from Financing Activities Redemption of Bonds (35200) Issuance of Common Stock 8800 Payment of Dividends (44000) Net Cash used by Financing Activities -70400 Net Increase in Cash 33000 Cash at Beginning of Period 44000 Cash at End of Period 77000 e Textbook and Media Attempts: 4 of 6 used (b) 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 $ e Textbook and Media Save for Later Attempts: 0 of 6 used Submit