AC116 Unit 9 Lab Assignment Question 9 of 9 - 16 8 : View Policies Current Attempt in Progress Presented here are the financial statements of Sunland Company. SUNLAND COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36.900 $20,80 Accounts receivable 32,800 18,100 inventory 29,300 20,700 Property, plant, and equipment 59,400 77,700 Accumulated depreciation (29,300) (23,500) Total $129,100 $113,800 Liabilities and Stockholders' Equity Accounts payable $28,400 $ 16,600 Income taxes payable 7,000 8,000 Bonds payable 26,400 33,900 Common stock 18,100 14,900 SUPPORT Retained earnings 49,200 40.400 Total $129,100 $113,800 UNLAND COM Income Statement For the Year Ended December 31, 2022 Sales revenue $242,600 Cost of goods sold 176,600 Gross profit 66,000 selling expenses $18,300 Administrative expenses 6,100 24,400 Income from operations 41,600 Interest expense 2,400 Income before income taxes 39.200 income tax expense 7,840 Net income $31,360 Additional data: 1. Depreciation expense was $16,300. 2. Dividends declared and paid were $22,560. 3 During the year, equipment was sold for $7,800 cash. This equipment originally cost $18,300 and had accumulated depreciation of $10,500 at the time of sale. Bonds were redeemed at their carrying value. 5 Common stock was issued at par for cash. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign es. -15,000 or in parenthesis e.g. (15,000).) SUNLAND COMPANY Statement of Cash Flows Adjustments to reconcile net income to e Textbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (b Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.s. (45).) Free Cash Flow $ e Textbook and Media Save for Later Attempts: 0 of 5 used Submit