Kingbird Corporation's comparative balance sheets are presented below. Additional information: 1. Net income was $23,900. Dividends declared and paid were $19,600. 2. No noncash investing and financing activities occurred during 2025. 3. The land was sold for cash of $4,400. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ KINGBIRD CORPORATION } \\ \hline \multicolumn{3}{|c|}{ Statement of Cash Flows (Indirect Method) } \\ \hline \multicolumn{3}{|c|}{ For the Year Ended May 31, 2025} \\ \hline \multicolumn{3}{|l|}{ Cash Flow from Operating Activities: } \\ \hline Net Income & & $23,900 \\ \hline \multicolumn{3}{|l|}{ Adjustments to reconcile net income to } \\ \hline \multicolumn{3}{|l|}{ net cash provided by operating activities: } \\ \hline Depreciation expense & $5,300 & \\ \hline Loss on sale of land & $2,600 & \\ \hline \multicolumn{3}{|l|}{ Effect of changes in working capital: } \\ \hline Accounts receivable decreased & $1,800 & \\ \hline Accounts payable decreased & $18,850 & \\ \hline Total Adjustments & & $9,150 \\ \hline Net cash provided by operating activities & & $14,750 \\ \hline \multicolumn{3}{|l|}{ Cash Flow from Investing Activities: } \\ \hline Cash collected from selling land & $4,400 & \\ \hline Net cash flow from investing activities & & $4,400 \\ \hline \multicolumn{3}{|l|}{ Net cash used in investing activities } \\ \hline Cash collected from common stock issued & $5,500 & \\ \hline Cash paid for dividends & $19,600 & \\ \hline Net cash used in financing activities & & $14,100 \\ \hline \multicolumn{2}{|c|}{ Net increase (decrease) in cash balance during the year } & $5,050 \\ \hline \multicolumn{2}{|l|}{ Add: Beginning cash balance } & $11,500 \\ \hline \multicolumn{2}{|l|}{ Ending cash balance } & $16,550 \\ \hline \end{tabular} (b) * Your answer is incorrect. 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 $