($000) ASSETS 2016 2017 $ 200 $ 150 Cash Accounts receivable450 Inventory CURRENT ASSETS $ 1,200 S 1,200 Plant & equipment$2,200 $2,600 425 625 550 Less Accumulated(1,000) (1,200 Depreciation Net Plant& $1,200 $1,400 equipment Total Assets $2,400 $2,600 LIABILITIES & Equity Accounts payable $200 $150 Notes Payable current (9%) CURRENT LIABILITIES Bonds Owner's Equity 150 $ 200 $300 $ 600$600 Common stock $900$900 Retained earnings 700 800 Total Owner's Equity 1,600 $1,700 Total liabilities & $2,400$2,600 Equity PAP Inc. Income Statements 000's) 2016 2017 $1,200 $1,450 700 850 Gross Profit $500 $600 40 Sales Selling general, ADM Expenses 30 Depreciation 220200 Operating 250 $360 Income Interest expense 50 $200 80 64 EBT 296 Taxes (40 % 118 Net income $120 $178 (10 pts) Using the financial statements above, Calculate PAP Inc.'s free cash flows from operation for year ending in 2017? (10 pts) What are the uses of PAP's FCFs