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Cumberland Industries: Income Statement (Thousands of dollars)				2019
Sales				$750,000
Operating costs excluding depreciation				$600,000
EBITDA				$150,000
Depreciation (Cumberland has no amortization charges)				$7,000
EBIT				$143,000
Interest expense				$8,000
EBT				$135,000
Taxes (40%)				$54,000
Net income				$81,000

Cumberland Industries December 31 Balance Sheets
(in thousands of dollars)
				2019	2018
Assets
Cash and cash equivalents				$91,450	$74,625
Short-term investments				27,300	15,100
Accounts Receivable				108,470	85,527
Inventories				38,450	34,982
Total current assets				$265,670	$210,234
Net fixed assets				70,000	42,436
Total assets				$335,670	$252,670
Liabilities and equity
Accounts payable				$30,761	$23,109
Accruals				30,405	22,656
Notes payable				12,717	14,217
Total current liabilities				$73,883	$59,982
Long-term debt				80,263	63,914
Total liabilities				$154,146	$123,896
Common stock				$100,000	$90,000
Retained earnings				99,524	38,774
Total common equity				$199,524	$128,774
Total liabilities and equity				$353,670	$252,670

Using the given information

a) Calculate the firm's free cash flow (FCF) in 2019.

b) Did growth add value?

c) (Bonus; not required) What is the amount of dividend paid by the firm in 2019?

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