Wildhorse Company Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation $ 41,300 23,600 33,040 70,800 (37,760 ) $130,980 $ 23,600 16,520 23,600 92,040 (28,320) $127,440 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 22,420 8,260 20,060 21,240 59,000 $130,980 $ 17,700 9,440 38,940 16,520 44,840 $127,440 $285,560 206,500 79,060 Wildhorse Company Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Selling expenses $21,240 Administrative expenses 7,080 Income from operations Interest expense Income before income taxes Income tax expense 28,320 50,740 3,540 47,200 9,440 $ 37,760 Net Income Additional data 1. Depreciation expense was $20,650. 2. Dividends declared and paid were $23,600. 3. During the year equipment was sold for $10,030 cash. This equipment cost $21,240 originally and had accumulated depreciation of $11,210 at the time of sale Your answer is partially correct. Try again. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign .g.-15,000 or in parenthesis e.g. (1 Wildhorse Company Statement of Cash Flows For the Year Ended December 31, 2017 TCash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense " Increase in Accounts Payable 'T Increase in Inventory Increase in Accounts Receivable ) Decrease in Income Taxes Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Cash Flows from Financing Activities : Issuance of Common Stock E Redemption of Bonds Payment of Dividends : Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period LINK TO TEXT LINK TO TEXT VIDEO, SIRILAR PROBLEM Your answer is incorrect. Try again Compute free cash flow. (Show a negative free cash flow with either a sign .g. -15,000 or in parenthesis .. (15,000).) Free cash flow