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addition, cash spent for capital assets during the period was $210,700. No dividends were paid Calculate free cash flow OURCES Problem 12-7A (Part Level Submission) Presented below are the financial statements of Concord Corporation. 12 Concord Corporation Comparative Balance Sheets December 31 2017 2016 -10 Pa Assets Cash Accounts receivable Inventory Property, plant, and equipment $38,150 21,800 15,260 21,800 85,020 21,800 30,520 65,400 (34,880) (26,160) Study Accumulated depreciation Total $120,990 $117,720 Liabilities and Stockholders' Equity $ 20,710 $16,350 8,720 35,970 15,260 41,420 120,990 $117,720 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total 7,630 18,530 19,620 54,500 Concord Corporation Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes $263,780 190,750 73,030 $19,620 6,540 26,160 46,870 3,270 43,600 Kimmel, Accounting, 6e Help I S