You are now trying to assess the free cash flow to the firm for Environ Systems in the most recent year. The income statement is reported below:

Revenues	$1,000
Cost of Goods Sold	$550
- Depreciation	$150
Operating Profit (EBIT)	$300
- Interest expenses	$100
Taxable Income	$200
-Taxes	$60
Net Income	$140

You are also provided with the following information:

• The firm reported capital expenditures of $ 50 million in the most recent year and made two acquisitions one for $125 million and one for $75million.
• The working capital, inclusive of cash, increased from $ 80 million at the beginning of the year to $105 million at the end of the year; the firms cash balance decreased by $ 15 million during the year and it has no short-term debt.

a. Estimate the free cash flow to the firm for the most recent year.

b. Estimate the free cash flow to equity for the most recent year.