Champagne , Inc. had revenues of $ 12 million , cash operating expenses of $ 8 million , and depreciation and amortization of $ 1.5 million during 2018. The firm purchased $ 700,000 of equipment during the year while increasing its inventory by $ 500,000 ( with no corresponding increase in current liabilities The marginal tax rate for Champagne is 21 percent . What is Champagne's free cash flow for 2020 ?