3.1 Bailey Corporation's financial statements (dollars and shares are in millions) are provided here Balance Sheets as of December 31 2014 2013 Assets Cash and equivalents Accounts receivable 14,000 30,000 28,125 s 72,125 $ 13,000 25,000 21,000 59,000 Total current assets Net plant and equipment Total assets $122125 $106000 Liabilities and Equity Accounts payable 9000 6000 5,150 5 20,150 10,800 7,600 Notes payable Total current liabilities 5 25,100 Long-term bonds Total liabilities Common stock (5,000 shares) Retained earnings 40,100 35,150 50,000 Common equity Total liabilities and equity 82,025 $122125 $106,000 Income Statement for Year Ending December 31, 2014 214000 44000 39000 37250 Sales Operating costs excluding depreciation and amortization EBITDA EBIT Interest EBT Taxes (40%) Net income Dividends paid 14,900 5 11,175 What was net operating working capital for 2013 and 2014? What was Bailey's free cash flow for 2014? [hint: capital expenditures computed as the sum of depreciation and the change in net fixed assets] a. b. [Write down formulas and plug in the numbers]