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Calculate free cash flow for 2021 for Monarch Textiles, Incorporated, based on the financial information that follows. Assume that all current liabilities are non-interest-bearing liabilities

Calculate free cash flow for 2021 for Monarch Textiles, Incorporated, 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, Incorporated ($ thousands)
Income statement Selected balance sheet items
2021 2020 2021
Sales 1,400 Current assets 400 550
Cost of sales 760 Net fixed assets 140 280
Operating expenses 120 Current liabilities 250 330
Depreciation 70
Interest expense 50
Earnings before taxes 400
Tax 160
Net income 240

Note: Round your answer to the 1000s place.

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