P16-35 A Preparing the statement of cash flowsindirect method, evaluating The Statement of Cas cash flows, and measuring free cash flows Learning Objectives 2,3 reported the following The comparative balance sheet of Jackson Educational Supply at December 31, 2018, 1. Net Cash Used for inv. Act. $(152,700) Current Assets. 2018 2017 Cash $ 87,700 15,300 62,600 Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Accrued Liabilities $ 23,500 22,000 60,400 28,100 10,600 26,100 11,300 Jackson's transactions during 2018 included the following Payment of cash dividends Purchase of equipment with cash Issuance of long-term notes payable to borrow cash Issuance of common stock for cash $ 16,700 98,000 57,600 $ 16,200 54,700 48,000 105,000 Depreciation expense Purchase of building with cash Net income Requirements 1. Prepare the statement of cash flows of Jackson Educational Supply for the year ended December 31, 2018. Use the indirect method to report cash flows from operating activities. f cash 105,000 Requirements 1. Prepare the statement of cash flows of Jackson Educational Supply for the year ended December 31, 2018. Use the indirect method to report cash flows from operating activities 2. Evaluate Jackson's cash flows for the year. Mention all three categories of cash flows, and give the reason for your 3. If Jackson plans similar activity for 2019, what is its expected free cash flow? of cash flows-direct method your evaluation