2. Determine free cash flow (Show full equation)

Condensed financial data of Minnie Hooper Company are shown below. MINNIE HOOPER COMPANY Comparative Balance Sheets December 31 Assets 2017 Cash $ 93,600 Accounts receivable 63,200 Inventory 124,500 Investments 79,500 Plant assets 318,000 Accumulated depreciation (44,000) Total $634,800 Liabilities and Stockholders' Equity Accounts payable $ 56,600 Accrued expenses payable 15,100 Bonds payable 140,000 Common stock 250,000 Retained earnings 173,100 Total $634,800 2016 $ 33,400 37,000 102,650 107,000 205,000 (40,000) $445,050 $ 48,280 18,830 70,000 200,000 107,940 $445,050 $297,500 MINNIE HOOPER COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue Less: Cost of goods sold $99,460 Operating expenses, excluding depreciation expense 19,670 Depreciation expense 25,000 Loss on disposal of plant assets 5,000 Income taxes 37,270 Interest expense 2,940 Net income 189,340 $108,160 Additional information: 1. New plant assets costing $149,000 were purchased for cash during the year. 2. Investments were sold at cost. 3. Plant assets costing $36,000 were sold for $10,000, resulting in a loss of $5,000. 4. A cash dividend of $43,000 were declared and paid during the year