Calculate free cash flow for 2017 for Monarch Textiles, Inc., based on the financial information that follows. Assume that all current liabilities are non-interest-bearing liabilities and that no fixed assets were sold or disposed of during 2017.

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Monarch Textiles, Inc. ($ thousands) Income statement Selected balance sheet items 2017 2016 2017 Sales 1,100 Current assets 300 400 Cost of sales 700 Net fixed assets 100 200 Operating expenses 100 50 Depreciation Current liabilities 200 280 Interest expense 50 200 Earnings before taxes Tax 80 120 Net income