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The following are the financial statements of Wildhorse Company. WILDHORSE COMPANY Balance Sheet December 31 Assets 2021 2020 Cash $44,840 $23,600 Accounts receivable 35,400 16,520 Inventory 31,860 23,600 Equipment 70,800 92,040 Accumulated depreciation equipment (34,220) (28,320) Total $148,680 $127,440 Liabilities and Shareholders' Equity Liabilities and Shareholders' Equity. Accounts payable $28,320 $17,700 Income taxes payable 8,260 9,440 Notes payable 31,860 38,940 Common shares 21,240 16,520 Retained earnings 59,000 44,840 Total $148,680 $127,440 WILDHORSE COMPANY Income Statement For the Year Ended December 31, 2021 Sales $285,560 Cost of goods sold 206,500 Gross profit 79,060 Operating expenses 28,320 Income from operations 50,740 Interest expense 3,540 Income before income taxes 47,200 Income tax expense 9,440 Profit $37,760 Additional Information: 1. Dividends declared and paid were $23,600. Wildhorse reports under ASPE. 2. During the year, equipment was sold for $10,030 cash. This equipment cost $21,240 originally and had a carrying value of $10,030 at the time of sale. 3. All depreciation expense, $17,110, is in the operating expenses. 4. All sales and purchases are on account. X Your answer is incorrect. Calculate free cash flow. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Free cash flow $ 37170 e Textbook and Media