The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total 2020 $38,000 32,300 30,800 59,300 (29,700) $130,700 2019 $19,500 19,500 20,900 77,200 (23,900) $113,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 7,100 27,100 18,600 49,500 $130,700 $ 16,300 8,300 33,500 15,000 40,100 $113,200 $241,000 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 175,100 65,900 23,400 42,500 2,500 40,000 8,200 $31,800 Additional data: 1. Dividends declared and paid were $22,400. During the year, equipment was sold for $9,200 cash. This equipment cost $17,900 originally and had a book value of $9,200 at the time of sale. 3. All depreciation expense, $14,500, 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