Cane Distribution, Inc., incorporated on $31$ December $2017$ with initial

capital infusions of $$224,000$ of debt and $$336,000$ of common stock, acts

as a distributor of industrial goods. The company managers immediately

invested the initial capital in fixed capital of $$500,000$ and working capital

of $$60,000.$ Working capital initially consisted solely of inventory. The fixed

capital consisted of nondepreciable property of $$50,000$ and depreciable

property of $$450,000.$ The depreciable property has a $10-$year useful life with

no salvage value. Exhibit $1,$ Exhibit $2,$ and Exhibit $3$ provide Cane's financial

statements for the three years following incorporation. Starting with net

income, calculate Cane's FCFF for each year.