Calculate the amount of free cash flow for Gap Inc., for the year ended January 31, 1998. State any assumptions that you make in your calculations.

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Gap Inc., Statement of Cash Flows, in thousands CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $53,901 Adjustments to reconcile net earnings to net cash provided by operat- ing activities Depreciation and amortization 269,706 Tax benefit from exercise of stock options by employees and from vest- ing of restricted stock 23,682 Deferred income taxes (13,706) Change in operating assets and liabilities Merchandise inventory (156,091) Prepaid expenses and other (44,736) Accounts payable 63,532 Accrued expenses 107,365 Income taxes payable (8,214) Deferred lease credits and other long-term liabilities Net cash provided by operating activities 69,212 $844,651