The following is the income statement for Home Max Inc. of fiscal year ended January 31, 2016, and the balance sheets for year 2015 and year 2016. Assuming the corporate tax rate is 20%, and all debts are interest bearing, calculate the free cash flow of Home Max Inc. in year 2016.

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31-Jan-16 $88,519 (S58,254) $30.265 HOME Max INC. Consolidated Income Statement For Fiscal Year Ended (5 millions) Net Sales Cost of Sales Gross profit Operating expenses Selling, general and administrative Depreciation and amortization Total operating expenses Earnings before interest and taxes Interest expense Earnings before income taxes Income taxes Net earnings ($16.801) ($1,690) ($18,491) $11.774 (3919) $10,855 ($2,171) $8.684 HOME Max INC. Consolidated Balance Sheet 31-Jan-16 1-Feb-15 $2,216 $1,890 $11,809 $1,078 $16.993 $22,191 $2,102 $1,263 $42,549 $1,723 $1,484 $11,079 $1,016 $15.302 $22,720 $1,353 $571 $39.946 Current assets Cash and cash equivalents Accounts receivable Inventories Other current assets Total current assets Net property and equipment Goodwill Other assets Total assets Current Liabilities Short-term debt Accounts Payable Accrued salaries Sales tax payable Deferred revenue Income tax payable Current installments of long-term debt Other accrued expenses Total current liabilities Long-term debt, excluding current installments Other long-term liabilities Deferred income taxes Total liabilities Total shareholders' equity Total liabilities and shareholders' equity $350 $6,565 $1,515 $476 $1,566 $34 $77 $1,943 $12,526 $20.888 $1,965 $854 $36.233 $6,316 $42,549 $290 $5,807 $1,391 $434 $1,468 $35 $38 $1.806 $11,269 $16,869 $1.844 $642 $30,624 $9,322 $39.946 The following is the income statement for Home Max Inc. of fiscal year ended January 31, 2016, and the balance sheets for year 2015 and year 2016. Assuming the corporate tax rate is 20%, and all debts are interest bearing, calculate the free cash flow of Home Max Inc. in year 2016. (5 points) EBIT NOPAT Depreciation Chang NWC CAPEX FCF 2016