Quantitative Problem: Rosnan Industries' 2013 and 2012 balance sheets and income statements are shown below. Balance Sheets: 2013 2012 Cash and equivalents $100 $85 Accounts receivable 275 300 Inventories 375 250 Total current assets $750 $635 Net plant and equipment 2,300 1,490 Total assets $3,050 $2,125 $150 $85 75 50 75 $210 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity 290 150 $375 450 1,225 1,000 $3,050 1,225 400 $2,125 Income Statements: 2013 2012 $2,100 1,250 Sales Operating costs excluding depreciation EBITDA Depreciation and amortization EBIT $1,200 1,000 $200 $850 100 75 $750 $125 Interest 62 45 EBT $688 $80 Taxes (40%) 275 32 Net income $413 $48 $53 $48 Dividends paid Addition to retained earnings $600 $0 100 100 Shares outstanding Price WACC $22.50 $25.00 10.00% The balance in the firm's cash and equivalents account is needed for operations and is not considered "excess" cash. Using the financial statements given above, what is Rosnan's 2013 free cash flow (FCF)? Use a minus sign to indicate a negative FCF. -135