The 2022 and 2021 balance sheets for Tarpon Industries are provided below. The companys 2022 sales were $1,188 million, and EBITDA was 18% of sales. Furthermore, depreciation amounted to 12% of net fixed assets, interest expense was $12 million, the corporate tax rate was 25%, and Tarpon pays out 45% of its net income as dividends. Tarpons after-tax cost of capital was 13%. Based upon this information, answer the following five questions.

a. What was the companys 2022 net income? (5 points) b. What was the companys 2022 net operating working capital (NOWC)? (5 points) c. What was the companys 2022 free cash flow? (5 points)

Tarpon Industries December 31 Balance Sheets (in thousands of dollars) Assets \begin{tabular}{rr} 2022 & 2021 \\ \hline & \\ $50,317 & $34,600 \\ $5,393 & $3,114 \\ $100,840 & $80,350 \\ $158,626 & $138,956 \\ \hline$315,176 & $257,020 \\ $367,200 & $291,600 \\ \hline$682,376 & $548,620 \\ \hline \hline \end{tabular} Cash and cash equivalents Excess cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained Earnings Total common equity Total liabilities and equity \begin{tabular}{rr} $37,816 & $27,378 \\ $21,768 & $17,083 \\ $34,650 & $36,000 \\ \hline$94,234 & $80,461 \\ 112,500 & $99,000 \\ \hline$206,734 & $179,461 \\ $302,400 & $261,000 \\ $173,242 & $108,159 \\ \hline$475,642 & $369,159 \\ \hline$682,376 & $548,620 \\ \hline \hline \end{tabular}