Presented below are the financial statements of Sheridan Company.

Sheridan Company Comparative Balance Sheets December 31
Assets		2022			2021
Cash		$ 52,500			$ 30,000
Accounts receivable		30,000			21,000
Inventory		42,000			30,000
Property, plant, and equipment		90,000			117,000
Accumulated depreciation		(48,000	)		(36,000	)
Total		$166,500			$162,000
Liabilities and Stockholders Equity
Accounts payable		$ 28,500			$ 22,500
Income taxes payable		10,500			12,000
Bonds payable		25,500			49,500
Common stock		27,000			21,000
Retained earnings		75,000			57,000
Total		$166,500			$162,000

Sheridan Company Income Statement For the Year Ended December 31, 2022
Sales revenue				$363,000
Cost of goods sold				262,500
Gross profit				100,500
Selling expenses		$27,000
Administrative expenses		9,000		36,000
Income from operations				64,500
Interest expense				4,500
Income before income taxes				60,000
Income tax expense				12,000
Net income				$ 48,000

Additional data:

1.		Depreciation expense was $26,250.
2.		Dividends declared and paid were $30,000.
3.		During the year equipment was sold for $12,750 cash. This equipment cost $27,000 originally and had accumulated depreciation of $14,250 at the time of sale.

Sheridan Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities 48000 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities + 26250 Depreciation Expense -9000 Increase in Accounts Receivable Increase in Inventory -12000 Increase in Accounts Payable 6000 Decrease in Income Taxes Payable + -1500 9750 Net Cash Provided by Operating Activities + 57750 Cash Flows from Investing Activities Sale of Equipment 12750 Net Cash Provided by Investing Activities 6000 Issuance of Common Stock -30000 Payment of Dividends -24000 Redemption of Bonds -48000 Net Cash used by Financing Activities Net Increase in Cash 22500 Net Increase in Cash 22500 30000 Cash at Beginning of Period 52500 Cash at End of Period %24 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 $