Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method. MIGITSU COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $74,000 $23,000 Accounts receivable 86,000 75,000 Inventories 169,000 192,000 Land 73,000 101.000 Equipment 260,000 201,000 Accumulated depreciation (66,000) (35,000) Total $596,000 $557,000 Liabilities and Stockholders' Equity Accounts payable $35,000 $49,000 Bonds payable 151,000 212,000 Common stock ($1 par) 217,000 176,000 Retained earnings 193,000 120,000 Total $596,000 $557,000 Additional information: 1. Net income for 2020 was $ 105,000. 2. Cash dividends of $32,000 were declared and paid. 3. Bonds payable amounting to $61,000 were redeemed for cash $61,000. 4. Common stock was issued for $41,000 cash. 5. Equipment that cost $50,000 and had a book value of $30,000 was sold for $35,000 during 2020; land was sold at cost. (b) Compute free cash flow for 2020. Free cash flow $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit