Rojas Corporation’s comparative balance sheets are presented below. ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020 2019
Cash $14,900 $10,800
Accounts receivable 21,700 23,200
Land 20,000 26,200
Buildings 70,300 70,300
Accumulated depreciation—buildings (15,100 ) (10,500 )
Total $111,800 $120,000
Accounts payable $12,700 $27,900
Common stock 74,600 73,800
Retained earnings 24,500 18,300
Total $111,800 $120,000
Additional information:
1. Net income was $23,100. Dividends declared and paid were $16,900.
2. No noncash investing and financing activities occurred during 2020.
3. The land was sold for cash of $4,600.
Prepare a statement of cash flows for 2020 using the indirect method. Compute free cash flow