Problem 17-07A (Video) The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash 534,000 $19,000 Accounts receivable 32,000 14,000 Inventory 26,000 20,000 Equipment 59,000 77,000 Accumulated depreciation equipment (29,000) (23,000) Total $122.000 $107.000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total 528,000 7,000 26,000 17,000 44,000 $122,000 $ 16,000 8,000 32,000 13,000 38,000 $107.000 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 $241,000 175,000 66,000 23,000 43,000 2,000 41,000 7,000 534,000 Additional data: 1. Dividends declared and paid were $28,000. 2. During the year, equipment was sold for $7,500 cash. This equipment cost $18,000 originally and had a book value of $7,500 at the time of sale. 3. All depreciation expense, $16,500, is in the operating expenses. 4. All sales and purchases are on account. 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).) 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