Question 2 The following are the financial statements of Skysong, Inc. Inc. Click to go forward, hold to see history Sheets December 31 Assets Cash Accounts receivable Inventory Equipment 2019 2018 $36,600 $20,400 32,800 18,500 30,300 20,900 59,400 78,000 Accumulated depreciation-equipment (29,700) (23,200) $129,400 $114,600 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,600 $ 16,700 8,400 27,000 34,000 18,600 14,500 48,100 41,000 $129,400 $114,600 7,100 Total Skysong, Inc. Income Statement For the Year Ended December 31, 2019 $241,600 177,000 64,600 24,000 40,600 2,900 Income before income taxes 37,700 7,800 $29,900 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income tax expense Net income Additional data: 1. Dividends declared and paid were $22,800 2. During the year, equipment was sold for $9,200 cash. This equipment cost $18,600 originally and had a book value of $9,200 at the time of sale 3. All depreciation expense, $15,900, 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 Skysong, Inc. 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).) Skysong, Inc. 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 Click if you would like to Show Work for this question: Open Show Work