Problem 12-7A (Part Level Submission)

Presented below are the financial statements of Blossom Company.

Blossom Company Comparative Balance Sheets December 31
Assets		2017			2016
Cash		$ 76,650			$ 43,800
Accounts receivable		43,800			30,660
Inventory		61,320			43,800
Property, plant, and equipment		131,400			170,820
Accumulated depreciation		(70,080	)		(52,560	)
Total		$243,090			$236,520
Liabilities and Stockholders Equity
Accounts payable		$ 41,610			$ 32,850
Income taxes payable		15,330			17,520
Bonds payable		37,230			72,270
Common stock		39,420			30,660
Retained earnings		109,500			83,220
Total		$243,090			$236,520

Blossom Company Income Statement For the Year Ended December 31, 2017
Sales revenue				$529,980
Cost of goods sold				383,250
Gross profit				146,730
Selling expenses		$39,420
Administrative expenses		13,140		52,560
Income from operations				94,170
Interest expense				6,570
Income before income taxes				87,600
Income tax expense				17,520
Net income				$ 70,080

Additional data:

1.		Depreciation expense was $38,325.
2.		Dividends declared and paid were $43,800.
3.		During the year equipment was sold for $18,615 cash. This equipment cost $39,420 originally and had accumulated depreciation of $20,805 at the time of sale.

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).)