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Joyner Company's income statement for Year 2 follows: $ 713,000 104,000 609,000 151,400 457,600 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 Net income 6,000 463,600 139,080 $324,520 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 $ 320,520 220,000 319,000 10,000 869,520 $110, 100 127,000 273,000 20,000 530, 100 622,000 166, 800 455,200 44,000 $1,368,720 505,000 130,200 374,800 0 $984,900 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 Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 312,000 41,000 84,600 437,600 207,000 644,600 339,000 385, 120 724,120 $1,368,720 $269,000 55,000 81,900 405,900 115,000 520,900 289,000 95,000 384,000 $984,900 Equipment that had cost $31,100 and on which there was accumulated depreciation of $10,900 was sold during Year 2 for $26,200. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock Required: 1. Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. 2. Prepare a statement of cash flows for Year 2. 3. 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 Flows-Indirect Method (partial) Required 1 Required 2 > Prepare a statement of cash flows for Year 2. (List any deduction in cash and cash outflows as negative amounts.) Joyner Company Statement of Cash Flows For Year 2 Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Required 1 Required 2 Required 3 Compute the free cash flow for Year 2. (Negative amount should be indicated by a minus sign.) Free cash flow Dourad 2