Wood Industries has the following data for 2010:
Sales .....................................................................$25,000,000
Depreciation expense ................................................. $4,000,000
Reduction in working capital in 2010.............................. $1,200,000
New capital assets acquired ......................................... $500,000
Cost of capital assets acquired as replacements .................. $2,300,000
Gross profit margin ................................................... 40%
Income tax rate ....................................................... 25%

Required:
Calculate the free cash flows for 2010 for Wood Industries.