New Inc. is a battery manufacturing firm. It has sales of $88.5 million. It has costs (not including depreciation or interest expense) of $56.3 million. Depreciation expense was $6.0 million. Interest expense was $3.7 million. The corporate tax rate is 27%. Last year it had $54.3 million of total net operating capital. This year it has $61.8 million of total net operating capital. What is this year's free cash flow? $19,126,000 $25,126,000 $22,425,000 $11,626,000