Cold Weather Sports, Inc. (CWS) just completed its 2003 fiscal year. During the year, CWS had Revenue (Sales) of $8.5 million and total expenses of $6,000,000. Assume that CWS pays 30% of its EBIT in taxes and that depreciation expense of $1,258,846 is included in the total expense number listed above. A list of some balance sheet items for CWS for end of fiscal year 2002 and 2003 is shown below.

2002 2003

Current Assets $1,300,000 $1,807,659

Current Liabilities $1,100,000 $1,400,000

Fixed Assets, at cost $5,000,000 $6,399,904

Long-term Debt $7,200,000 $6,300,000

What is CWS's free cash flow (FCF) for 2003? Please show me the processthanks