SWIFTY COMPANY Income Statement For the Year Ended December 31, 2022 \begin{tabular}{|c|c|c|} \hline Sales revenue & & $242,000 \\ \hline Cost of goods sold & & 176,500 \\ \hline Gross profit & & 65,500 \\ \hline Selling expenses & $17,325 & \\ \hline Administrative expenses & 5,775 & 23,100 \\ \hline Income from operations & & 42,400 \\ \hline Interest expense & & 2,500 \\ \hline Income before income taxes & & 39,900 \\ \hline Income tax expense & & 7,980 \\ \hline Net income & & $31,920 \\ \hline \end{tabular} Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free Cash Flow $ SWIFTY COMPANY Comparative Balance Sheets December 31 \begin{tabular}{|c|c|c|} \hline Assets & 2022 & 2021 \\ \hline Cash & $36,300 & $19,000 \\ \hline Accounts receivable & 32,900 & 19,900 \\ \hline Inventory & 30,800 & 20,300 \\ \hline Property, plant, and equipment & 59,900 & 77,400 \\ \hline Accumulated depreciation & (29,300) & (23,300) \\ \hline Total & $130,600 & $113,300 \\ \hline \multicolumn{3}{|l|}{ Liabilities and Stockholders' Equity } \\ \hline Accounts payable & $28,400 & $16,600 \\ \hline Income taxes payable & 7,000 & 8,100 \\ \hline Bonds payable & 27,800 & 32,000 \\ \hline Common stock & 17,800 & 14,300 \\ \hline Retained earnings & 49,600 & 42,300 \\ \hline Total & $130,600 & $113,300 \\ \hline \end{tabular} 1. Depreciation expense was $15,900. 2. Dividends declared and paid were $24,620. 3. During the year, equipment was sold for $7,600 cash. This equipment originally cost $17,500 and had accumulated depreciation of $9,900 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash