answer is $16,800, show step by step please

Problem 3 65 marks) You have been given the financial statements for Low Risk Inc. You have been asked to determine the free cash flow (FCF) for 2014. Income Statement 2013 2014 Sales 80,000 120,000 Cost of Goods Sold 32,000 48,000 Gross Margin 48,000 72,000 Selling Expense 8,000 12,000 EBITDA 40,000 60,000 Depreciation 4,000 6,000 EBIT 36.000 54,000 interest 200 Earnings before taxes 35,850 53,800 taxes 14,340 21,520 Net Income 21,510 32,280 150 2013 2014 Assets Cash Accounts Receivable Inventory Total Current Assets Net Plant & Equipment Total Assets Balance Sheet Liabilities and 2013 2014 Shareholder's Equity 2,400 3,600 Accounts Payable 9,600 14.400 Short-term Debt 12,000 18.000 Total Current Liabilities 24,000 36,000 Long Term Debt 16,000 24,000 Total Liabilities 40,000 60.000 Common Stock Retained Earnings Total Equity Total Liabilities & Equity 8,800 13,200 1,500 1,200 10,300 14,400 600 700 10,900 15,100 2,600 2,800 26,500 42,100 29,100 44,900 40,000 60,000