December 31
	This Year		Last Year
Assets
Cash	$	9.50	$	18.00
Accounts receivable		58.00		51.00
Inventory		102.50		89.60
Total current assets		170.00		158.60
Property, plant, and equipment		243.00		202.00
Less accumulated depreciation		48.80		36.60
Net property, plant, and equipment		194.20		165.40
Total assets	$	364.20	$	324.00
Liabilities and Stockholders%u2019 Equity
Accounts payable	$	61.50	$	50.00
Common stock		134.00		103.00
Retained earnings		168.70		171.00
Total liabilities and stockholders%u2019 equity	$	364.20	$	324.00

For this year, the company reported net income as follows:

Sales	$	1,050.00
Cost of goods sold		630.00
Gross margin		420.00
Selling and administrative expenses		400.00
Net income	$	20.00

This year Holly declared and paid a cash dividend. There were no sales of plant and equipment during this year. The company did not repurchase any of its own stock this year.

Required:
1.	Using the indirect method, prepare a statement of cash flows for this year. (Amounts to be deducted should be indicated with a minus sign. Round your intermediate calculations and final answers to 2 decimal places. Omit the "$" sign in your response.)

Holly Company Statement of Cash Flows For This Year Ended December 31
Operating activities:
		$
Adjustments to convert net income to a cash basis:
	$
Net cash operating activities
Investing activities:
Net cash investing activities
Financing activities:
		`
Net cash financing activities
Cash, December 31 of last year
Cash, December 31 of this year		$

2.	Compute Holly%u2019s free cash flow for this year. (Negative amount should be indicated by a minus sign. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.)

Free cash flow

$