2. Calculate free cash flow for 2021 for Monarch Textiles, Inc., based on the financial information that follows. Assume that all current liabilities are non-interest-bearing liabilities and that no fixed assets were sold or disposed of during 2021. Monarch Textiles, Inc. ($ thousands) Income statement Selected balance sheet items 2021 2020 2021 Sales 1,100 Current assets 300 400 Cost of sales 700 Net fixed assets 100 200 Operating expenses 100 Depreciation 50 Current liabilities 200 280 Interest expense 50 Earnings before taxes 200 Tax 80 Net income 120