Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $48,600 16,20064,800 116,100 8,100 108,000 21,600 $86,400 Additional data: 1. Depreciation expense was $47,250. 2. Dividends declared and paid were $54,000. 3. During the year equipment was sold for $22,950 cash. This equipment cost $48,600 originally and had accumulated depreciation of $25,650 at the time of sale. Question 4 of 4 Commonstock Retained earnings Total 48,600 37,800 \begin{tabular}{ll} $299,700135,000$291,600102,600 \\ \hline \end{tabular} Wildhorse Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense $653,400 472,500 180,900 $48,600 16,20064,800 116,100 8,100 108,000 21,600 Question 4 of 4 13 eTextbook and Media 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 Presented below are the financial statements of Wildhorse Company. Liabilities and Stockholders' Equity Accounts payable $51,300 $40,500 Income taxes payable 18,900 21,600 Bonds payable 45,900 89,100 Commonstock 48,600 37.800