Presented below are the financial statements of Oriole Company. Oriole Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $77,000 $44,000 Accounts receivable 44,000 30.800 Inventory 61,600 44.000 Property, plant, and equipment 132,000 (70,400) 171,600 (52,800) Accumulated depreciation Total $244,200 $237,600 Liabilities and Stockholders' Equity Accounts payable $ 41,800 $33,000 Income taxes payable 15,400 17,600 Bonds payable 37,400 72,600 Common stock 39,600 30,800 Retained earnings 110,000 83,600 Total $244,200 $237,600 Oriole Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold $532,400 385,000 147,400 Gross profit 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. (a) 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 e.g. (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 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Depreciation Expense . D 3 8500 | Increase in Accounts Receivable y -13200 Increase in Inventory C Increase in inventory Increase in Accounts Payable 17600 800 Increase in Accounts Payable C 8 ayable Decrease in Income Taxes Payable -2200 14300 Net Cash Provided by Operating Activities Net Cash Provided by Operating activities v 84700 84700 Cash Flows from Investing Activities Sale of Equipment 18700 Cash Flows from Financing Activities Redemption of Bonds . Redemption of Bonds Issuance of Common Stock Payment of Dvidends (35200) 8800 (49000) 8800 Payment of Dividends (44000) Net Cash used by Financing Activities -70400 Net Increase in Cash 33000 Cash at Beginning of Period 44000 44000 Cash at End of Period 77000 e Textbook and Media Attempts: 4 of 6 used 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 $ 30000