Use the following excerpts from Bolognese Company’s statement of cash flows and other financial records to determine the company’s free cash flow for 2018 and 2017.

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Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Capital expenditures were 40% of investing activities, both years Cash dividends paid were $20,000, both years 2018 2017 $121,000 $114,000 (56,000) (40,000) (12,000) (15,000)