Problem 13-7A (Part Level Submission) Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2015 Cash $35,880 Accounts receivable 32,440 Inventory 26,800 Equipment 59,260 Accumulated depreciation-equipment (29,240 ) Total $125,140 2014 $20,330 19,560 20,250 77,630 (23,200 ) $114,570 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,410 7,440 27,210 17,070 45,010 $ 16,770 8,130 33,870 13,740 42,060 $114,570 $125,140 NOSKER COMPANY Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,730 175,970 65,760 24,080 41,680 2,090 39,590 7,310 $32,280 Additional data: Additional data: 1. Dividends declared and paid were $29,330. 2. During the year equipment was sold for $7,880 cash. This equipment cost $18,370 originally and had a book value of $7,880 at the time of sale. 3. All depreciation expense, $16,530, is in the operating expenses. 4. All sales and purchases are on account. (a) Prepare a statement of 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 Statement of Cash Flows For the Year Ended December 31, 2015 Adjustments to reconcile net income to