Problem 17-8A The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $37,600 $20,400 Accounts receivable 32,700 18,600 Inventory 29,900 20,100 Equipment 59,100 77,800 Accumulated depreciationequipment (29,200 ) (23,100 ) Total $130,100 $113,800 Liabilities and Stockholders Equity Accounts payable $28,300 $ 16,100 Income taxes payable 7,400 8,300 Bonds payable 27,600 34,000 Common stock 18,200 14,400 Retained earnings 48,600 41,000 Total $130,100 $113,800 NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue $242,400 Cost of goods sold 175,900 Gross profit 66,500 Operating expenses 24,900 Income from operations 41,600 Interest expense 2,700 Income before income taxes 38,900 Income tax expense 8,800 Net income $30,100 Additional data: 1. Dividends declared and paid were $22,500. 2. During the year equipment was sold for $9,400 cash. This equipment cost $18,700 originally and had a book value of $9,400 at the time of sale. 3. All depreciation expense, $15,400, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. Prepare a statement of cash flows for Nosker Company using the direct 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 $ cash payments: $ $ 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 $