Problem 15-10 (Algo) Prepare a Statement of Cash Flows; Free Cash Flow (LO15-1, LO15-2, LO15-3] Joyner Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes $ 711,000 72,000 639,000 151,500 487,500 9,000 496,500 198,600 $ 297,900 Net income Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable $ 267,700 230,000 320,000 8,500 826, 200 638,000 165,500 472,500 43,000 $ 1,341,700 $ 43,900 147,000 274,000 17,000 481,900 515,000 130,400 384,600 0 $ 866,500 $ 313,000 44,000 85,700 $ 256,000 53,000 80,500 Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 442,700 202,000 644,700 336,000 361,000 697,000 $ 1,341,700 389,500 103,000 492,500 276,000 98,000 374,000 $ 866,500 quipment that had cost $30,300 and on which there was accumulated depreciation of $11,500 was sold during Year 2 for $27,800. he company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock. required: Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. . Prepare a statement of cash flows for Year 2. . Compute the free cash flow for Year 2. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. (List any deduction in cash outflows as negative amounts.) Joyner Company Statement of Cash FlowsIndirect Method (partial)