Please show work for every entry.

The income statement for the year ended December 31, 2020, for Cheyenne Manufacturing Company contains the following condensed information. 6,500,000 CHEYENNE CO. INCOME STATEMENT Revenues Operating expenses (excluding depreciation) $4,986,000 Depreciation expense 888.000 Income before income tax Income tax expense Net income 5,874,000 626,000 281,700 $ 344,300 Included in operating expenses is a $29,000 loss resulting from the sale of machinery for $270.500 cash. The company purchased machinery at a cost of $757,500. Cheyenne reports the following balances on its comparative balance sheets at December 31. CHEYENNE CO. COMPARATIVE BALANCE SHEETS (PARTIAL) 2020 2019 $587,300 $134,000 Accounts receivable 779,500 605,000 Inventory 838,000 874,000 Accounts payable 522,500 509,000 Cash Income tax expense of $281,700 represents the amount paid in 2020. Dividends declared and paid in 2020 totaled $196,000. Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000).) CHEYENNE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income 344300 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 888000 Loss on Sale of Machinery V 29000 Increase in Accounts Receivable Decrease in Inventory Increase in Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Machinery Purchase of Machinery Net Cash Used by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Net Increase in Cash Cash at Beginning of Period Cash at End of Period $ e Textbook and Media Cheyenne has an aggressive growth plan, which will require significant investments in plant and equipment over the next several years. Preliminary plans call for an investment of over $486,000 in the next year. Compute Cheyenne's free cash flow. Free cash flow $