\begin{tabular}{|c|c|c|c|c|} \hline Year & 0 & 1 & 2 & 3 \\ \hline Sales (Revenues) & & 100,000 & 100,000 & 100,000 \\ \hline \begin{tabular}{l} - Cost of Goods Sold ( 50% of \\ Sales) \end{tabular} & & 50,000 & 50,000 & 50,000 \\ \hline - Depreciation & & 30,000 & 30,000 & 30,000 \\ \hline=EBIT & & 20,000 & 20,000 & 20,000 \\ \hline - Taxes (35%) & & 7,000 & 7,000 & 7,000 \\ \hline= unlevered net income & & 13,000 & 13,000 & 13,000 \\ \hline + Depreciation & & 30,000 & 30,000 & 30,000 \\ \hline \begin{tabular}{l} /+ increase /( decrease ) in working \\ capital \end{tabular} & & 5,000 & 5,000 & 5,000 \\ \hline - capital expenditures & 90,000 & & & \\ \hline \end{tabular} The free cash flow for the first year of Epiphanys project is