Presented below are the financial statements of Pharoah Company. Pharoah Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 24,500 Accounts receivable 14,000 Inventory 19,600 Property, plant, and equipment 42,000 Accumulated depreciation (22,400) $77,700 Total 2021 $ 14,000 9,800 14,000 54,600 (16,800 ) $75,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 13,300 4,900 11,900 12,600 35,000 $77,700 $ 10,500 5,600 23,100 9,800 26,600 $75,600 $169,400 122,500 46,900 Pharoah Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses $12,600 Administrative expenses 4,200 Income from operations Interest expense Income before income taxes Income tax expense 16,800 30,100 2,100 28,000 5,600 $ 22,400 Net income Additional data: 1. Depreciation expense was $12,250. 2. Dividends declared and paid were $14,000. 3. During the year equipment was sold for $5,950 cash. This equipment cost $12,600 originally and had accumulated depreciation of $6,650 at the time of sale. Prepare a statement of cash flows using the indirect method. (Show amounts that decreas either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) Pharoah 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 parenthesis e.g. (15,000).) Free cash flow