Use the following income statements and balance sheets to calculate Garnet Inc.'s free cash flow for 2005.

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Garnet Inc. 2004 2005 INCOME STATEMENT Net sales $530.0 $500.0 Costs (except depreciation) Depreciation 400.0 380.0 30.0 25.0 Total operating costs $430.0 $405.0 Earnings before interest and taxes (EBIT) 95.0 100.0 Less interest 23.0 21.0 Earnings before taxes 77.0 74.0 29.6 Taxes (40%) 30.8 $ 46.2 $ 44.4 Net income BALANCE SHEET Assets $ 28.0 $ 27.0 Cash Marketable securities 69.0 66.0 2004 2005 Accounts receivable 84.0 80.0 Inventorics 112.0 106.0 Total current assets $293.0 $279.0 Net plant and equipment 281.0 265.0 Total assets $574.0 $544.0 Liabilities and Equity $ 56.0 $ 52.0 Accounts payable Notes payable 138.0 130.0 Accruals 28.0 28.0 Total current liabilities $222.0 $210.0 Long-term bonds 173.0 164.0 Common stock 100.0 100.0 Retained earnings 79.0 70.0 Common equity Total liabilities and equity $179.0 $170.0 $574.0 $544.0