The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 $19,600 Cash $34,350 Accounts receivable 32,600 18,600 Inventory 26,350 20,750 Equipment 59,250 77,800 Accumulated depreciation-equipment (29,700) (23,400) Total $122,850 $113,350 Liabilities and Stockholders' Equity Accounts payable Income taxes payable $28,150 $16,850 8,350 7,050 Bonds payable 27,700 33,950 Common stock 17,200 13,850 Retained earnings 42,750 40,350 $113,350 $122,850 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue $241,900 Cost of goods sold 175,950 Gross profit 65,950 24,000 Operating expenses Income from operations 41,950 Interest expense 3,300 Income before income taxes 38,650 8,450 Income tax expense $30,200 Net income Additional data: 1. Dividends declared and paid were $27,800. 2. During the year, equipment was sold for $7,650 cash. This equipment cost $18,550 originally and had a book value of $7,650 at the time of sale. 3. All depreciation expense, $17,200, is in the operating expenses 4. All sales and purchases are on account. Prepare a statement f cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) NOSKER COMPANY Statemer f Cash Flows 4 Adjustments to reconcile net income to 4 4 4