Rojas Corporations's Comparative balance sheets are presented below

Rojas Corporation

Comparative Balance Sheets

December 31

2017 2016

Cash $14,300 $10,700

Accounts receivable 21,200 23,400

Land 20,000 26,000

Buildings 70,000 70,000

Accumulated depreciation-buildings (15,000) (10,000)

Total $110,500 $120,100

Accounts payable $12,370 $ 31,100

Common Stock 75,000 69,000

Retained Earnings 23,130 20,000

Total $110,500 $120,100

Additional Information

1. Net income was $22,630. Dividends declared and paid were $19,500
2. No non cash Investing and financing activities occurred during 2017
3. The land was sold for cash of $4,900

Instructions

(a) Prepar a statement of cash flows for 2017 using the indirect method

(b) Compute free cash flow.