Windsor, Inc. Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2020 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Loss on disposal of plant assets Increase in inventory Decrease in accounts receivable Decrease in accounts payable Net cash provided by operating activities Cash flows from investing activities Sale of investments Purchase of equipment Net cash used by investing activities Cash flows from financing activities $8,900 8,800 (5,100) 3,500 (2,300 ) 2,900 (27,300 ) $56,900 13,800 70,700 (24,400 ) Cash flows from financing activities Issuance of stock Payment on long-term note payable Payment for dividends Net cash used by financing activities Net increase in cash Cash at beginning of year Cash at end of year (a) Free cash flow $ 22,000 (11,200 ) (17,900 ) 43,400 (7,100 ) 39,200 12,700 Compute free cash flow for Windsor, Inc.. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $51,900