Problem 17-07A (Video) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 2020 2019 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment $34,800 $19,750 19,000 20,500 77,750 32,400 26,750 59,150 (29,600) (23,000) Total $123,500 $114,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,400 16,600 8,300 34,000 13,450 41,650 $123,500 $114,000 7,300 27,600 17,950 42,250 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,900 175,750 66,150 23,250 42,900 2,600 40,300 8,150 $32,150 Additional data 1. Dividends declared and paid were $31,550 2. During the year, equipment was sold for $7,500 cash. This equipment cost $18,600 originally and had a book value of $7,500 at the time of sale 3. All depreciation expense, $17,700, is in the operating expenses 4. All sales and purchases are on account NOSKER COMPANY Statement of Cash Flows Adjustments to reconcile net income to LINK TO TEXT LINK TO TEXT Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Free Cash Flow Click if you would like to Show Work for this question: Open Show Work