Presented below are the financial statements of Novak Company.

Additional data: 1. Depreciation expense was $ 18,550.

2. Dividends declared and paid were $ 21,200.

3. During the year equipment was sold for $ 9,010 cash. This equipment cost $ 19,080 originally and had accumulated depreciation of $ 10,070 at the time of sale.

(using indirect method)

Novak Company Comparative Balance Sheets December 31 Assets 2017 2016 Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total $37,100 21,200 14,840 21,200 82,680 21,200 29,680 63,600 (33,920) (25,440) $117,660 $114,480 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $20,140 15,900 8,480 34,980 14,840 40,280 $117,660 $114,480 7,420 18,020 19,080 53,000 Novak Company Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses 6,360241 Income from operations Interest expense Income before income taxes Income tax expense Net income 256,520 185,500 71,020 $19,080 45,580 3,180 42,400 8,480 $ 33,920 Novak Company Statement of Cash Flows Adjustments to reconcile net income to 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 OW $