Bartling Energy Systems recently reported $9,250,000 of sales, $5,750,000 of operatingcosts other than depreciation, and $700,000 of depreciation. The company has $3,200,000of outstanding bonds that carry a 5% interest rate, and its federalplusstate income taxrate was 35%. In order to sustain its operations and thus generate sales and cash flows inthe future, the firm was required to make $1,250,000 of capital expenditures on new fixedassets and to invest $300,000 in net operating working capital. By how much did the firmsnet income exceed its free cash flow?
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