Here are comparative balance sheets for Concord Company. Prepare a statement of cash flows-indirect method. CONCORD COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,000 $22,000 Accounts receivable 89,000 76,000 Inventory 169,000 188,000 Land 71,000 100,000 Equipment 265,000 199,000 Accumulated depreciation - equipment (67,000) (32,000) Total $599,000 $553,000 Liabilities and Stockholders' Equity Accounts payable $37,000 $47,000 Bonds payable 152,000 210,000 Common stock ($1 par) 218,000 173,000 Retained earnings 192,000 123,000 Total $599,000 $553,000 Additional information: 1. Net income for 2020 was $101,000. 2. Cash dividends of $32,000 were declared and paid. 3. Bonds payable amounting to $58,000 were redeemed for cash $58,000. 4. Common stock was issued for $45,000 cash. 5. Equipment that cost $51,000 and had a book value of $24,000 was sold for $33,000 during 2020; land was sold at cost. Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CONCORD COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Gain on Disposal of Equipment Increase In Accounts Receivable Decrease In Inventory Decrease In Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Equipment Sale of Equipment Sale of Land -64 62000 -9000 -13000 19000 -10000 -117000 33000 29000 10 $ 101000 -4000 150000 Net Cash Used by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Redemption of Bonds Issuance of Common Stock Net Cash Used by Financing Activities Net Increase In Cash Cash at Beginning of Period Cash at End of Perlod -32000 -58000 45000 -55000 -45000 50000 22000 72000 Compute free cash flow for 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free cash flow $ +A