Would appreciate an easy-to-read answer! I would also appreciate it if the formulas were provided on how to obtain the following results! Will rate!

The income statement for the year ended December 31, 2020, for Concord Manufacturing Company contains the following condensed information. CONCORD CO. INCOME STATEMENT Revenues $ 6,500,000 Operating expenses (excluding depreciation) $4,951,000 Depreciation expense 889,000 5,840,000 Income before income tax 660,000 Income tax expense 264,000 Net income $ 396,000 Included in operating expenses is a $21,000 loss resulting from the sale of machinery for $257,000 cash. The company purchased machinery at a cost of $741,500. Concord reports the following balances on its comparative balance sheets at December 31. CONCORD CO. COMPARATIVE BALANCE SHEETS (PARTIAL) 2020 2019 Cash $657,000 $133,500 Accounts receivable 775,500 620,500 Inventory 831,500 862,000 Accounts payable 524,000 505,000 Income tax expense of $264,000 represents the amount paid in 2020. Dividends declared and paid in 2020 totaled $192,500. Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) CONCORD COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to > $ 69 $ eTextbook and Media Concord has an aggressive growth plan, which will require significant investments in plant and equipment over the next several years. Preliminary plans call for an investment of over $518,000 in the next year. Compute Concord's free cash flow. Free cash flow $ eTextbook and Media Attempts: 0 of 3 used Submit Answer Save for Later 69