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Presented here are the financial statements of Bridgeport Company. Bridgeport Company Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity \begin{tabular}{lrrr} \hline Accounts payable & $30,400 & $24,000 \\ Income taxes payable & 11,200 & 12,800 \\ Bonds payable & 27,200 & 52,800 \\ Common stock & 28,800 & 22,400 \\ Retained earnings & 80,000 & 60,800 \\ Total & $177,600 & $172,800 \\ \hline \hline \end{tabular} Additional data: 1. Depreciation expense was $28,000. 2. Dividends declared and paid were $32,000. 3. During the year, equipment was sold for $13,600 cash. This equipment originally cost $28,800 and had accumulated depreciation of $15,200 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. 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).) BRIDGEPORT COMPANY Statement of Cash Flows - Indirect Method $ Adjustments to reconcile net income to $ Compute free cash flow. (Show amounts that decrease free cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).)