Compute free cash flow.

Presented below are the financial statements of Vaughn Manufacturing. Vaughn Manufacturing Comparative Balance Sheets December 31 Assets 2022 2021 $ 73,500 $ 42,000 Cash Accounts receivable 42,000 29,400 58,800 42,000 Inventory 126,000 Property, plant, and equipment 163,800 (50,400 ) (67,200 ) Accumulated depreciation $233,100 $226,800 Total Liabilities and Stockholders' Equity $ 39,900 $ 31,500 Accounts payable Income taxes payable 14,700 16,800 Bonds payable 35,700 69,300 29,400 Common stock 37,800 Retained earnings 105,000 79,800 $233,100 $226,800 Total Vaughn Manufacturing Income Statement For the Year Ended December 31, 2022 Sales revenue $508,200 367,500 Cost of goods sold Gross profit 140,700 $37,800 Selling expenses 12,600 50,400 Administrative expenses Income from operations 90,300 6,300 Interest expense Income before income taxes 84,000 16,800 Income tax expense $ 67,200 Net income Additional data: 1. Depreciation expense was $36,750. 2. Dividends declared and paid were $42,000. 3. During the year equipment was sold for $17,850 cash. This equipment cost $37,800 originally and had accumulated depreciation of $19,950 at the time of sale