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Shrives Publishing recently reported $9,250 of sales, $5,050 of operating costs other than depreciation, and $1,450 of depreciation. The company had $3,500 of bonds that

Shrives Publishing recently reported $9,250 of sales, $5,050 of operating costs other than depreciation, and $1,450 of depreciation. The company had $3,500 of bonds that carry a 6.25% interest rate, and its federal-plus-state income tax rate was 25%. During the year, the firm had expenditures on fixed assets and net operating working capital that totaled $1,250. These expenditures were necessary for it to sustain operations and generate future sales and cash flows. What was its free cash flow?

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