Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars)

	2021		2020
Sales	$	1,200.0	$	1,000.0
Operating costs excluding depreciation and amortization		900.0		850.0
EBITDA	$	300.0	$	150.0
Depreciation and amortization		38.0		30.0
Earnings before interest and taxes (EBIT)	$	262.0	$	120.0
Interest		26.4		22.0
Earnings before taxes (EBT)	$	235.6	$	98.0
Taxes (25%)		94.2		39.2
Net income	$	141.4	$	58.8
Common dividends	$	127.3	$	47.0

Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars)

	2021		2020
Assets
Cash and equivalents	$	18.0	$	14.0
Accounts receivable		173.0		150.0
Inventories		300.0		250.0
Total current assets	$	491.0	$	414.0
Net plant and equipment		375.0		300.0
Total assets	$	866.0	$	714.0
Liabilities and Equity
Accounts payable	$	91.0	$	70.0
Accruals		104.0		90.0
Notes payable		24.0		20.0
Total current liabilities	$	219.0	$	180.0
Long-term bonds		240.0		200.0
Total liabilities	$	459.0	$	380.0
Common stock		375.2		316.3
Retained earnings		31.8		17.7
Common equity	$	407.0	$	334.0
Total liabilities and equity	$	866.0	$	714.0

Write out your answers completely. For example, 25 million should be entered as 25,000,000. Round your answers to the nearest dollar, if necessary. Negative values, if any, should be indicated by a minus sign.

1. What was net operating working capital for 2020 and 2021? Assume the firm has no excess cash.

   2020: $

   2021: $

2. What was the 2021 free cash flow?

   $