Use the following excerpts from Franklin 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 50% of investing activities, both years Cash dividends paid were $15,000, both years 2018 2017 $222,000 $200,000 (33,000) (35,000) 66,000 60,000