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2018 Comparative Balance Sheet December 31 2019 Assets Cash $38,000 Accounts Receivable 30,000 Inventory 27,000 Equipment 60,000 Accumulated depreciation--equipment (29,000) Total $126,000 $20,000 14.000 20,000 78,000 (24,000) $108,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $24,000 7,000 27,000 18,000 50,000 $126,000 $15,000 8,000 33,000 14,000 38,000 $108,000 NOSKER COMPANY Income Statement For the Year ended December 31, 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 $242,000 175,000 67,000 24,000 43,000 3,000 40,000 8,000 $32,000 Additional data: 1. Dividends declared and paid were $20,000. 2. During the year equipment was sold for $8.500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale. 3. All depreciation expense, $14,500, is in the operating expenses. 4. All sales and purchases are on account. Instructions (a) Preapare a statement of cash flows using the indirect method. (b) Compute free cash flow. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". $32,000 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Increase in accounts receivable Increase in inventory Increase in accounts payable Decrease in income taxes payable Net cash provided by operating activities $14,500 (16,000) (7,000) 9,000 (1.000) (500) 31,500 Cash flows from investing activities Sale of equipment Net cash provided by investing activities 8,500 8.500 -6,000 4.000 20,000 Cash flows from financing activities Issuance of common stock 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 -22.000 18,000 20.000 38,000 $31,500 Free Cash Flow: Net cash provided by operating activities Less: Capital expenditures Cash dividends SO 20,000 20,000 $11,500 Assume that depreciation changed to $17,500 and that asset was sold for $11,500 cash. Also assume that the book value of the asset at the time of sale was also $11,500. Show the impact of these changes on the statement of cash flows and free cash flow