Use the income statement shown next to calculate free cash flow for Rainier Printing for 2021. In addition to the information in the income statement, assume that Rainier had $630,000 in capital expenditures and $450,000 in working capital investments during 2021.

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Net sales Cost of sales Gross profit Rainier Printing Income Statement January 1 to December 31, 2021 ($ thousands) Operating expense Depreciation expense Operating income Interest expense Income before tax Tax Income after tax $10,000 6,500 3,500 1,200 600 1,700 300 1,400 420 $980