Based on the financial information provided for Axelrod Ltd., calculate the company's free cash flow for 2020.

Axelrod Ltd.

Income Statement(Millions $)

2020

Revenue

40

Cost of Goods Sold

10

Gross Profit

30

Selling General & Admin Exp.

8

Depreciation & Amort.

2

Operating Income

20

Interest Expense

2

Earnings Before Tax

18

Income Tax Expense

7

Net Income

11

Per Share Items

EPS

$1.10

Common Shares Outstanding (millions)

10

Dividends per Share

$0.20

Axelrod Ltd.

Balance Sheet,(millions $)

2019

2020

ASSETS

Cash and Equivalents

4

5

Short term Investments

3

Accounts Receivable

16

20

Inventory

18

18

Total Current Assets

41

43

Net Property, Plant & Equipment

24

27

Total Assets

65

70

LIABILITIES & EQUITY

Accounts Payable

15

11

Accrued Exp.

10

10

Notes Payable

4

9

Total Current Liabilities

29

30

Long-Term Debt

20

15

Total Liabilities

49

45

Common Stock

10

10

Retained Earnings

6

15

Total Equity

16

25

Total Liabilities and Equity

65

70