Exercise 5-16 A comparative balance sheet for Pronghorn Corporation is presented as follows. December 31 2020 2019 $ 72,850 $ 22,000 84,910 69,060 182,910 192,060 73,910 113,060 262,910 203,060 (71,910) (45,060) $605,580 $554,180 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 20 $ 36,910 $ 50,060 150,000 200,000 214,000 164,000 204,670 140,120 $605,580 $554,180 Additional information: 1. Net income for 2020 was $130,820. No gains or losses were recorded in 2020. 2. Cash dividends of $66,270 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. PRONGHORN CORPORATION Statement of Cash Flows Adjustments to reconcile net income to Issued common stock to retire $ of bonds outstanding Determine Pronghorn Corporation's current cash debt coverage, cash debt coverage, and free cash flow. (Round current cash debt coverage and cash debt coverage to 2 decimal places., e.g. 0.67.) Current cash debt coverage Cash debt coverage Free cash flow Comment on its liquidity and financial flexibility. Pronghorn has liquidity. Its financial flexibility is