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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 1,490 Current assets 430 595
Cost of sales 778 Net fixed assets 152 304
Operating expenses 126 Current liabilities 265 345
Depreciation 76
Interest expense 50
Earnings before taxes 460
Tax 184
Net income 276

Note: Round your answer to the 1000s place.

Free Cash Flow = ???

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