Problem 17-7A The following are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $35,900 $19,550 Accounts receivable 32,850 19,100 Inventory 26,600 20,200 Equipment 59,500 77,600 Accumulated depreciationequipment (29,500 ) (23,000 ) Total $125,350 $113,450 Liabilities and Stockholders Equity Accounts payable $28,750 $ 16,950 Income taxes payable 7,400 8,100 Bonds payable 28,000 32,750 Common stock 17,050 14,100 Retained earnings 44,150 41,550 Total $125,350 $113,450 NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue $242,250 Cost of goods sold 175,600 Gross profit 66,650 Operating expenses 23,750 Income from operations 42,900 Interest expense 3,650 Income before income taxes 39,250 Income tax expense 7,900 Net income $31,350 Additional data: 1. Dividends declared and paid were $28,750. 2. During the year equipment was sold for $8,250 cash. This equipment cost $18,100 originally and had accumulated depreciation of $9,850 at the time of sale. 3. All depreciation expense, $16,350, is in the operating expenses. 4. All sales and purchases are on account. What is the Free Cash Flow?