Financial statements for Space Galaxy Ltd. are presented below: Space Galaxy Ltd. Statement of Financial Position December 31, 2020 Assets Liabilities & Shareholders' Equity. Cash $44,000 $28,000 Accounts payable 39,000 Accounts receivable 54,000 Bonds payable Buildings and equipment 154,000 Accumulated depreciation- buildings and equipment (46,000) 69,000 Common shares home Retained earnings Patents 24,000 64,000 $215,000 $215,000 Space Galaxy Ltd. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net income $60,000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(19,000) Increase in accounts payable 7,000 Depreciation-buildings and equipment 12,000 Gain on sale of equipment (7,000) Amortization of patents 3,000 (4,000) Net cash provided by operating activities 56,000 Cash flows from investing activities Sale of equipment 14,000 Purchase of land (27,000) Purchase of buildings and equipment (52,000) Net cash used by investing activities (65,000) Cash flows from financing activities Payment of cash dividend (25,000) Sale of bonds 45,000 Net cash provided by financing activities 20,000 Net increase in cash 11,000 Cash, January 1, 2020 33,000 Cash, December 31, 2020 $44,000 At the beginning of 2020, the accounts payable balance was $21,000, and the bonds payable balance was $9,000. All of Space Gala bonds have been issued at par. Te las pruviueu wy Tarling activities 11,000 Net increase in cash 33,000 Cash, January 1, 2020 $44,000 Cash, December 31, 2020 At the beginning of 2020, the accounts payable balance was $21,000, and the bonds payable balance was $9,000. All of Space Galaxy's bonds have been issued at par. Required 1. Calculate the current cash debt coverage ratio 2. Calculate the cash debt coverage ratio 3. Calculate the free cash flow