Using the information below, calculate the free cash flow.

Net Cash Provided by Operating Activities: $38,000

Net Cash Provided by Investing Activities: $12,000

Net Cash Used by Financing Activities: $25,000

Increase in Accounts Receivable: $5,000

Decrease in Inventory: $10,000

Net Income: $19,000

Issuance of Common Stock: $7,000

Payment of Cash Dividends: $12,000

Issuance of Bonds Payable: $20,000

Purchase of Equipment: $10,000

Depreciation Expense: $2,500

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