The following balance sheet and income statement were taken from the records of Y Company 2022 2021 ASSETS Cash 24,000 12,000 Accounts Receivable 72,000 36,000 Inventory 96,000 72,000 Current Assets 192,000 120,000 GROSS PPE 960,000 720,000 Accumulated Depreciation (456,000) (336,000) TOTAL ASSETS 696,000 504,000 LIABILITIES Accounts Payable Short-term Debt 48,000 48,000 48,000 24,000 Current Liabilities Long-term Debt 96,000 72,000 273,600 240,000 Common Stock 120,000 120,000 Retained Earnings 206,400 72,000 TOTAL LIABILITIES AND EQUITY 696,000 504,000 Sales COGS Gross Profit SG & A Depreciation EBIT Interest Expense Earnings before taxes Taxes (30%) Earnings after Taxes 2022 720,000 2021 600,000 288,000 240,000 432,000 360,000 84,000 72,000 120,000 96,000 228,000 192,000 36,000 24,000 192,000 168,000 57,600 50,400 134,400 117,600 Required: 1. Calculate free cash flow to the firm in 2022 using EBIT