Use the following income statements and balance sheets to calculate Garnet Inc.'s free cash flow for 2012.

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Garnet Inc. 2013 2012 Income Statement (Millions of Dollars) Net sales Costs (except depreciation) Depreciation $530.0 $500.0 380.0 30.0 95.0 $430.0 $405.0 95.0 400.0 Total operating costs Less interest Taxes (40%) 100.0 Earnings before interest and taxes (EBIT) Earnings before taxes Net income $ 77.0 308 $ 46.2 $74.0 29.6 $ 44.4 Balance Sheet 2013 2012 Assets $28.0 27.0 66.0 80.0 1120 106.0 $279.0 2810 2650 $544.0 Marketable securities Accounts receivable Inventories 69.0 Total current assets Net plant and equipment Total assets 84.0 $293.0 $574.0 Liabilities and Equity Accounts payable Notes payable Accruals $56.0 52.0 130.0 98.0 28.0 $210.0 164.0 100.0 79.0 700 $170.0 138.0 Total current liabilities Long-term bonds Common stock $222.0 173.0 100.0 Retained earnings Common equity Total liabilities and equity $179.0 $574.0