The CE Industries Company has the following comparative balance sheets: CF Industries Company Comparative Balance Sheet Dec. Dea. 31, 2065 2017 AssetS Cash Accounts receivable Inventory Prepaid expense Land Equipment Accumnlated depreciation equipment $ 23,000 18,000 27,000 6,000 0 60,000 $10,000 14,000 18,000 9,000 18,000 32,000 18,000)14 000) Total assets $116-000 $87,000 Liabilities and Stockholders Equity Accounts payable Income tax payable Bonds payable Common stock Retained earnings $ 15,000 $ 2,000 5,000 47,000 23,000 22,000 10,000 2,000 37,000 40,000 Total liabilities and stockholders equity $116,000 $87 000 Additional information: 1. Cash dividends of $12,000 were declared and paid during the year. 2. Land which originally cost $18,000 was sold for $16,000. 3. Common stock was issued at par value for cash. 4. Net income for the year was $24,000. INSTRUCTIONS a. Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method. c. Compute free cash flow for 2017