Presented here are the financial statements of Concord Company. Concord Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $38,000 $20,900 Accounts receivable 33,000 19,300 Inventory 30,800 20,500 Property, plant, and equipment 59,500 77,500 Accumulated depreciation (29,700 ) (23,400 ) Total $131,600 $114,800 Liabilities and Stockholders' Equity Accounts payable $28,200 $16,400 Income taxes payable 7,300 8,500 Bonds payable 27,300 33,300 Common stock 17,000 14,500 Retained earnings 51,800 42,100 Total $131,600 $114,800 Concord Company Income Statement For the Year Ended December 31, 2022 Sales revenue $241,900 Cost of goods sold 175,300 Gross profit 66,600 Selling expenses $17,400 Administrative expenses 5,800 23,200 Income from operations 43,400 Interest expense 2,700 Income before income taxes 40,700 Income tax expense 8,140 Net income $32,560 Additional data: 1. Depreciation expense was $16,600. 2. Dividends declared and paid were $22,860. 3. 4. 5. During the year equipment was sold for $7,700 cash. This equipment cost $18,000 originally and had accumulated depreciation of $10,300 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. Concord Company Statement of Cash Flows - Indirect Method Adjustments to reconcile net income to CA > > > > (b) Compute free cash flow. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free cash flow $