E17.9 (LO 2), AP The following are comparative balance sheets for Mitch Company.

Mitch Company Comparative Balance Sheets December 31
		2022		2021
Assets
Cash		$68,000		$22,000
Accounts receivable		88,000		76,000
Inventory		167,000		189,000
Land		80,000		100,000
Equipment		260,000		200,000
Accumulated depreciationequipment		(66,000)		(32,000)
Total		$597,000		$555,000
Liabilities and Stockholders Equity
Accounts payable		$39,000		$43,000
Bonds payable		150,000		200,000
Common stock ($1 par)		216,000		174,000
Retained earnings		192,000		138,000
Total		$597,000		$555,000

Additional information:

1. Net income for 2022 was $93,000.
2. Depreciation expense was $34,000.
3. Cash dividends of $39,000 were declared and paid.
4. Bonds payable with a carrying value of $50,000 were redeemed for $50,000 cash.
5. Common stock was issued at par for $42,000 cash.
6. No equipment was sold during 2022.
7. Land was sold for its book value.

Instructions

Prepare statement of cash flowscompute free cash flow.

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