Cullumber Company issued the following statement of cash flows for 2020. Cullumber Company Statement of Cash FlowsIndirect Method For the Year Ended December 31, 2020 Cash flows from operating activities Net income $55,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense $8,900 Loss on disposal of plant assets 8,300 Increase in inventory (4,700 ) Decrease in accounts receivable 3,000 Decrease in accounts payable (2,300 ) 13,200 Net cash provided by operating activities 68,200 Cash flows from investing activities Sale of investments 2,800 Purchase of equipment (25,000 ) Net cash used by investing activities (22,200 ) Cash flows from financing activities Issuance of stock 18,000 Payment on long-term note payable (10,000 ) Payment for dividends (17,000 ) Net cash used by financing activities (9,000 ) Net increase in cash 37,000 Cash at beginning of year 11,000 Cash at end of year $48,000 (a) Compute free cash flow for Cullumber Company.