3-10. Free cash flow Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) ? 2008 2007 Sales $3,640.0 $2,800.0 Operating costs excluding depreciation and amortization 2,821.0 2,380.0 EBITDA $819.0 $420.0 Depreciation and amortization 94.0 78.0 Earnings before interest and taxes $725.0 $342.0 Less: Interest 80.0 62.0 Earnings before taxes $645.0 $280.0 Taxes (40%) 258.0 112.0 Net income $387.0 $168.0 Common dividends $348.0 $134.0 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) ? 2008 2007 Assets Cash and equivalents $45.0 $36.0 Accounts receivable 370.0 336.0 Inventories 764.0 588.0 Total current assets $1,179.0 $960.0 Net plant and equipment 941.0 784.0 Total assets $2,120.0 $1,744.0 Liabilities and Equity Accounts payable $290.0 $252.0 Notes payable 73.0 56.0 Accruals 146.0 112.0 Total current liabilities $509.0 $420.0 Long-term bonds 728.0 560.0 Total debt $1,237.0 $980.0 Common stock 793.0 713.0 Retained earnings 90.0 51.0 Common equity $883.0 $764.0 Total liabilities and equity $2,120.0 $1,744.0 What was the 2008 free cash flow