Presented below are the financial statements of Kingbird Company. Kingbird Company Comparative Balance Sheets December 31 Assets 2022 2021 $ 48,000 $84,000 Cash Accounts receivable 48,000 33,600 67,200 48,000 Inventory Property, plant, and equipment 144,000 187,200 Accumulated depreciation (76,800 ) (57,600) $266,400 $259,200 Total Liabilities and Stockholders' Equity $ 36,000 $ 45,600 Accounts payable Income taxes payable 16,800 19,200 Bonds payable 79,200 40,800 Common stock 43,200 33,600 Retained earnings 120,000 91,200 $266,400 $259,200 Total Kingbird Company Income Statement For the Year Ended December 31, 2022 $580,800 Sales revenue Cost of goods sold 420,000 Gross profit 160,800 $43,200 Selling expenses Administrative expenses 57,600 14,400 Income from operations 103,200 7,200 Interest expense Income before income taxes 96,000 Income tax expense 19,200 $ 76,800 Net income Additional dat: 1. Depreciation expense was $42,000. 2. Dividends declared and paid were $48,000. During the year equipment was sold for $20,400 cash. This equipment cost $43,200 originally and had accumulated depreciation of $22,800 at the time of sale. 3. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Kingbird Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Adjustments to reconcile net income to eTextbook and Media 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