Below is a recent income statement for Gatlin Camera:
Net sales: $8,000
Cost of sales (including depreciation of $800): $4,700
Gross profit: $3,300
Selling and admin. expenses (including interest expense of $570): $1,500
Income before tax: $1,800
Tax: $612
Income after tax: $1,188
Calculate Gatlin's free cash flow in this year assuming it spent $510 on new capital equipment and increased current assets net of noninterest-bearing current liabilities $340.
Please provide calculation details