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Presented below are the financial statements of Martinez Company. What is the Free Cash Flow?

Martinez Company Comparative Balance Sheets December 31
Assets		2022			2021
Cash		$ 66,500			$ 38,000
Accounts receivable		38,000			26,600
Inventory		53,200			38,000
Property, plant, and equipment		114,000			148,200
Accumulated depreciation		(60,800	)		(45,600	)
Total		$210,900			$205,200
Liabilities and Stockholders Equity
Accounts payable		$ 36,100			$ 28,500
Income taxes payable		13,300			15,200
Bonds payable		32,300			62,700
Common stock		34,200			26,600
Retained earnings		95,000			72,200
Total		$210,900			$205,200

Martinez Company Income Statement For the Year Ended December 31, 2022
Sales revenue				$459,800
Cost of goods sold				332,500
Gross profit				127,300
Selling expenses		$34,200
Administrative expenses		11,400		45,600
Income from operations				81,700
Interest expense				5,700
Income before income taxes				76,000
Income tax expense				15,200
Net income				$ 60,800

Additional data:

1.		Depreciation expense was $33,250.
2.		Dividends declared and paid were $38,000.
3.		During the year equipment was sold for $16,150 cash. This equipment cost $34,200 originally and had accumulated depreciation of $18,050 at the time of sale.

Further analysis reveals the following.

1.		Accounts payable pertain to merchandise suppliers.
2.		All operating expenses except for depreciation were paid in cash.
3.		All depreciation expense is in the selling expense category.
4.		All sales and purchases are on account.

What is the free cash flow?

Martinez Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activitles Cash Receipts from Customers $ 448400 Less : Cash Payments For Operating Expenses $ 12350 For interest -5700 For Income Taxes -17100 To Suppliers -340100 375250 Net Cash Provided by Operating Activities 73150 Cash Flows from investing Activities Sale of Equipment 16150 Cash Flows from Financing Activities Payment of Dividends -38000 Redemption of Bonds -30400 Issuance of Common Stock 7600 Net Cash used by Financing Activities -60800 Net Increase in Cash 28500 Cash at Beginning of Period 38000 Cash at End of Period 66500

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