Exercise 15-3 (Algo) Calculating Free Cash Flow [LO15-3] Apex Company prepared the statement of cash flows for the current year that is shown below: Operating activities: Net income Apex Company Statement of Cash Flows-Indirect Method Adjustments to convert net income to cash basis: Depreciation $ 21,100 (60,700) (26,300) $ 40,000 Increase in accounts receivable Increase in inventory Decrease in prepaid expenses 9,300 Increase in accounts payable 53,900 Decrease in accrued liabilities (11,900) Increase in income taxes payable 3,200 (11,400) Net cash provided by (used in) operating activities 28,600 Investing activities: Proceeds from the sale of equipment 15,900 Loan to Thomas Company (41,400) Additions to plant and equipment (121,900) Net cash provided by (used in) investing activities (147,400) Financing activities: Increase in bonds payable 89,500 Increase in common stock 38,600 Cash dividends (29,100) Net cash provided by (used in) financing activities Net decrease in cash and cash equivalents Beginning cash and cash equivalents 99,000 (19,800) 28,200 Ending cash and cash equivalents $ 8,400 Required: Compute Apex Company's free cash flow for the current year. (Negative amount should be indicated by a minus sign.) Free cash flow