QUESTION 12 In 2019, a company reported operating income (EBIT) of $2.3 million, depreciation of 1.20 million and had a tax rate of 25%. Selected balance sheet items for 2018 and 2019 appear below. Assume all current assets are operating current assets. 2018: Current assets - 54 million Current liabilities = $3.2 million Notes payable - $200,000 Net fixed assets - $3 million 2019 Current assets - $4.4 million Current liabilities - 53.5 million Notes payable - $300,000 Net fixed assets - $3.5 million appear below. Assume all current assets are operating current assets. 18: Lurrent assets = $4 million Current liabilities - $3.2 million Notes payable = $200,000 Net fixed assets = $3 million 2019: Current assets = $4.4 million Current liabilities = $3.5 million Notes payable = $300,000 Net fixed assets = $3.5 million Enter your answers as actual numbers (1 million should be entered as 1,000,000) Calculate the change in net operating working capital (NOWC). Calculate the capital expenditure for 2019. Calculate the firm's FCF for 2019