A) Using the information below and the template on the next tab, prepare a statement of cash flows (indirect method). B) Also using the template on the next tab, compute free cash Bow. Grading In order to get full points for this project: Cells in orange on the template should be a VALUE. Cells in green on the template should be a FORMULA Cells in yellow on the template should be TEXT. The points available for each row requiring input are noted in Column G on the template in the next tab. We Really Love Cash, Co. Comparative Balance Sheer December 31 We Really Love Cash, Co. Income Statemet For the Year ended December 31, 2020 2020 2019 Sales reveniue $242,000 175,000 67,000 24,000 Assets Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Cash $39,000 $20,000 Accounts Receivable 30,000 14,000 20,000 27,000 60,000 Inventory Equipment Accumulated depreciation-equipment Total Assets 43,000 (29.000) $127,000 78,000 (24,000) $108,000 3,000 40,000 8,000 Net income $32,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable $24,000 7,000 $15,000 8,000 Bonds mas We Really Love Cash, Co. Comparative Balance Sheet We Really Love Cash, Co. Income Statement December 31 For the Year ended December 31, 20 2020 2019 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Assets Cash $39,000 $20,000 Accounts Receivable 30,000 27,000 60,000 (29,000) $127,000 14,000 Inventory Equipment Accumulated depreciation-equipment Total Assets 20,000 78,000 (24,000) $108,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable $24,000 7,000 $15,000 8,000 27,000 18,000 51,000 $127,000 33,000 14,000 38,000 $108,000 Common stock Retained eamings Total Liabilities and Stockholders' Equity Additional data: 1. Dividends declared and paid were $19,000. 2. During the year equipment was sold for $6,500 cash. This equipment cost $18,000 originally and had a book value of $6,500 at the time of sale. 3. All depreciation expense, $16,500, is in the operating expenses. 4. All sales and purchases are on account. A) We Really Love Cash, Co. Statement of Cash Flows For the year ended December 31, 2020 B) Free Cash Flow: B) Free Cash Flow: