Presented here are the financial statements of Oriole Company, ORIOLE COMPANY Comparative Balance Sheets December 31 2022 2021 Assets Cash $37,700 $20,000 Accounts receivable 32,300 18,300 Inventory 30,200 20,200 Property, plant, and equipment 59,700 77,400 Accumulated depreciation (29,400) (23,500) Total $130,500 $112,400 $ Liabilities and Stockholders' Equity Accounts payable $28.100 $ 16,900 Income taxes payable 7.500 8,400 Bonds payable 26,900 32,400 Common stock 17.600 14,000 50,400 40,700 Retained earnings Total $130,500 $112,400 ORIOLE COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $242,600 Cost of goods sold 175.300 Gross profit 67,300 Selling expenses $18,675 Administrative expenses 6,225 24.900 Income from operations 42,400 Interest expense 3.100 Income before income taxes 39,300 Income tax expense 7,860 Net income $31.440 Additional data: 1. Depreciation expense was $17,000. 2. Dividends declared and paid were $21,740. 3. During the year, equipment was sold for $6,600 cash. This equipment originally cost $17,700 and had accumulated depreciation of $11,100 at the time of sa sale. 4. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. . 5. (a) Your answer is partially correct. Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a-signeg.-15,000 a 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 31440 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 17000 Increase in Accounts Receivable 14000 Increase in Inventory 10000 Increase in Accounts Payable 11200 Decrease in Income Taxes Payable v -900 3300 Net Cash Provided by Operating Activities 34740 Cash Flows from Investing Activities Sale of Equipment 6600 Net Cash Provided by Investing Activities 6600 Cash Flows from Financing Activities Redemption of Bonds 5500 Issuance of Common Stock 3600 Payment of Dividends -21740 Cash Flows from Financing Activities 23640 Net Cash Provided by Operating Activities 17700 Cash at Beginning of Period 20000 Cash at End of Period $ 37700 (b) Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Free Cash Flow $