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Presented below are the financial statements of Sheridan Company.

Presented below are the financial statements of Sheridan Company. Cash Sheridan Company Comparative Balance Sheets December 31 Assets 2017 $ 77,700 Accounts receivable 44,400 Inventory 62,160 Property, plant, and equipment 133,200 Accumulated depreciation (71,040 ) Total $246,420 2016 $ 44,400 31,080 44,400 173,160 (53,280) $239,760 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 42,180 15,540 37,740 39,960 111,000 $246,420 $33,300 17,760 73,260 31,080 84,360 $239,760 Sheridan Company Income Statement For the Year Ended December 31, 2017 Sales revenue $537,240 Cost of goods sold 388,500 Gross profit 148,740 Selling expenses $39,960 Administrative expenses 13,320 53,280 Income from operations 95,460 Sheridan Company Income Statement For the Year Ended December 31, 2017 Sales revenue $537,240 Cost of goods sold 388,500 Gross profit 148,740 Selling expenses $39,960 Administrative expenses 13,320 53,280 Income from operations 95,460 Interest expense 6,660 Income before income taxes 88,800 Income tax expense 17,760 Net income $ 71,040 Additional data: 1. Depreciation expense was $38,850. 2. Dividends declared and paid were $44,400. 3. During the year equipment was sold for $18,870 cash. This equipment cost $39,960 originally and had accumulated depreciation of $21,090 at the time of sale. Sheridan Company Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income 71,040 71,040 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ $ 38,850 Increase in Accounts Receivable 4 (13,320) Increase in Inventory (17,760) Increase in Accounts Payable 8,880 Decrease in Income Taxes Payable (2,220) 14,430 Net Cash Provided by Operating Activities 85,470 Cash Flows from Investing Activities Sale of Equipment 18,870 Cash Flows from Financing Activities Issuance of Common Stock 8,880 Cash Flows from Financing Activities Issuance of Common Stock 8,880 Payment of Dividends (44,400) Redemption of Bonds (35,520) Net Cash used by Financing Activities (71,040) Net Increase in Cash 33,300 Cash at Beginning of Period 44,400 Cash at End of Period 77,700 e Textbook and Media Attempts: 5 of 5 used (b) Your answer is incorrect. Compute free cash flow. (Show a negative free cash flow with either a - signe.g.-15,000 or in parenthesis e.g. (15,000).) Free cash flow $