Presented here are the financial statements of Sheridan Company.

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).)

Sheridan Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37,200 $19,800 Accounts receivable 33,000 18,700 Inventory 30,400 20,400 Property, plant, and equipment 59,300 78,000 Accumulated depreciation (29,300) (23,300) Total $130,600 $113,600 Liabilities and Stockholders' Equity Accounts payable $28,700 $16,000 Income taxes payable 7,300 8,300 Bonds payable 27,400 33,100 Common stock 18,200 14,300 Retained earnings 49,000 41,900 Total $130,600 $113,600 Sheridan Company Income Statement For the Year Ended December 31, 2022 Sales revenue $242,900 Cost of goods sold 175,600 Gross profit 67,300 Selling expenses $18,600 Administrative expenses 6,200 24,800 Income from operations 42,500 Interest expense 4,000 Income before income taxes 38,500 Income tax expense 7,700 Net income $30,800 Additional data: 1. Depreciation expense was $16,100. 2. Dividends declared and paid were $23,700. 3. During the year equipment was sold for $8,600 cash. This equipment cost $18,700 originally and had accumulated depreciation of $10,100 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash