Presented below are the financial statements of Buffalo Industries. Buffalo Industries Comparative Balance Sheets December 31 2016 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total 2017 $125,650 $71,800 50,260 71,800 215,400 280,020 71,800 100,520 (114,880) (86,160) $398,490 $387,720 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $68,210 $53,850 28,720 61,030 118,470 50,260 179,500 136,420 $398,490 $387,720 25,130 64,620 Buffalo Industries Income Statement For the Year Ended December 31,2017 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income 868,780 628,250 240,530 $64,620 21,540 86,160 154,370 10,770 143,600 28,720 114,880 Additional data: 1. 2. 3. Depreciation expense was $ 62,825 Dividends declared and paid were $71,800. During the year equipment was sold for $30,515 cash. This equipment cost $ 64,620 originally and had accumulated depreciation of $34,105 at the time of sale. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. 4. All sales and purchases are on account. Buffalo Industries Statement of Cash Flows For the Year Ended December 31,2017 Cash Flows from Operating Activities Cash Receipts from Customers Less Cash Payments 847240 For Income Taxes (32310) For Interest (10770) For Operating Expenses To Suppliers (642610) Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment 30515 Cash Flows from Financing Activities Redemption of Bonds Issuance of Common Stock (57440) 14360 (71800) Payment of Dividends Net Cash used by Financing Activities (114880) Cash at End of Period 125650 Compute free cash flow. (Show a negative free cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free cash flow $