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

Question 7 options: