Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flowsindirect method. MIGITSU COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $75,000 $19,000 Accounts receivable 88,000 75,000 Inventories 168,000 191,000 Land 71,000 101,000 Equipment 260,000 200,000 Accumulated depreciation (68,000 ) (29,000 ) Total $594,000 $557,000 Liabilities and Stockholders Equity Accounts payable $40,000 $46,000 Bonds payable 149,000 209,000 Common stock ($1 par) 219,000 173,000 Retained earnings 186,000 129,000 Total $594,000 $557,000 Additional information: 1. Net income for 2020 was $90,000. 2. Cash dividends of $33,000 were declared and paid. 3. Bonds payable amounting to $60,000 were redeemed for cash $60,000. 4. Common stock was issued for $46,000 cash. 5. Equipment that cost $49,000 and had a book value of $29,400 was sold for $33,400 during 2020; land was sold at cost.

Compute free cash flow for 2020.