Presented below are the financial statements of Monty Company. Monty Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 84,000 Accounts receivable 48,000 Inventory 67,200 Property, plant, and equipment 144,000 Accumulated depreciation (76,800 ) Total $266,400 2021 $ 48,000 33,600 48,000 187,200 (57,600 ) $259,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 45,600 16,800 40,800 43,200 120,000 $266,400 $ 36,000 19,200 79,200 33,600 91,200 $259,200 $580,800 420,000 160,800 Monty Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses $43,200 Administrative expenses 14,400 Income from operations Interest expense Income before income taxes Income tax expense 57,600 103,200 7,200 96,000 19,200 $ 76,800 Net income Additional data: 1. Depreciation expense was $42,000. 2. Dividends declared and paid were $48,000. 3. 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. 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. Prepare a statement of cash flows for Monty Company using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Monty Company Statement of Cash Flows For the Year Ended December 31, 2022 LINK TO TEXT x Your answer is incorrect. Try again. 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