In a wildly successful first year in business that started and ended with no required cash, your firm has an operating income of $989,000, net income of $637,000, current assets of $900,000, and current liabilities of $659,000. Net capital expenditures were $690,000, and depreciation was $460,000. The firm has never financed itself with debt. What is your equity valuation free cash flow?

A. $48,000. Page 5 of 7 B. $166,000. C. $218,000. D. $466,000.