The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash Accounts receivable Inventory Equipment Accumulated depreciation equipment Total $35,250 32,500 26,050 59,450 (29,850) $123,400 $19,700 18,050 21,000 77,950 (23,500) $113,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,200 7,200 27,000 18,800 42,200 $123,400 $ 16,500 8,200 33,800 14,950 39,750 $113,200 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses $241,500 176,250 65,250 24,100 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 $241,500 176,250 65,250 24,100 41,150 2,650 38,500 7,700 $30,800 Additional data: 1. Dividends declared and paid were $28,350. 2. During the year, equipment was sold for $7,850 cash. This equipment cost $18,500 originally and had a book value of $7,850 at the time of sale. 3. All depreciation expense, $17,000, 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 NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income 30800 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 14900 Increase in Accounts Receivable -14150 X Increase in Inventory -5900 x Increase in Accounts Payable 11800 X Decrease in Income Taxes Payable -1400 5250 velds LI villes X Net Increase in Cash 16000 Cash at Beginning of Period 19500 X Cash at End of Period 35500 LINK TO TEXT LINK TO TEXT * Your answer is incorrect. Try again. Compute free cash flow. (Enter negative amount using either a negative sign prec x Free Cash Flow