The comparative balance sheet of Cartson Educational Supply at December 31, 2024, reported the following: (Click the icon to view the comparative balance sheet.) Carlson's transactions during 2024 included the following: Read the tequirements. (Use a minus sign or parentheses for amounts that result in a decrease in cash, if a box is not used in the statement, leave the box empts Complete the statement one section at a time, beginning with the cash flows from operating activities. \begin{tabular}{lllrr} \hline Payment of cash dividends & $ & 17,200 & Depreciation expense & $17,500 \\ Purchase of equipment with cash & 54,300 & Purchase of building with cash & 108,000 \\ Issuance of long-term notes payable to borrow cash & 55,000 & Net income & 66,600 \\ Issuance of common stock for cash & 111,000 & & \\ \hline \end{tabular} Requirements 1. Prepare the statement of cash flows of Carlson Educational Supply for the year ended December 31,2024 . Use the indirect method to report cash flows from operating activities. 2. Evaluate Carlson's cash flows for the year. Mention all three categories of cash flows, and give the reason for your evaluation. 3. If Carlson plans similar activity for 2025, what is its expected free cash flow