E13-3. Cushenberry Corporation had the following transactions

Due Week 9 and worth 50 pointsDirections: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.ExercisesE13-3. Cushenberry Corporation had the following transactions.Sold land (cost $12,000) for $15,000.Issued common stock at par for $20,000.Recorded depreciation on buildings for $17,000.Paid salaries of $9,000.Issued 1,000 shares of $1 par value common stock for equipment worth $8,000.Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.InstructionsFor each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash ?ows using the indirect method.E13-4. Gutierrez Company reported net income of $225,000 for 2015. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses.InstructionsPrepare the operating activities section of the statement of cash ?ows for 2015. Use the indirect method.ProblemsP13-3A. The income statement of Whitlock Company is presented here.*PLEASE REFER TO ATTACHMENT FOR ADDITIONAL INFORMATION**Additional information:Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.Prepaid expenses increased $150,000 during the year.Accounts payable to suppliers of merchandise decreased $340,000 during the year.Accrued expenses payable decreased $100,000 during the year.Operating expenses include depreciation expense of $70,000.InstructionsPrepare the operating activities section of the statement of cash ?ows for the year ended November 30, 2015, for Whitlock Company, using the indirect method.P13-7A. Presented below are the ?nancial statements of Nosker Company.*PLEASE REFER TO ATTACHMENT FOR ADDITIONAL INFORMATION**Additional data:Dividends declared and paid were $20,000.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.All depreciation expense, $14,500, is in the operating expenses.All sales and purchases are on account.InstructionsPrepare a statement of cash ?ows using the indirect method.Compute free cash ?ow.