The following information is available for Armstrong Enterprises for 2012:
| Net operating income after taxes | $36,000,000 | | Depreciation expense | 15,000,000 | | Change in net working capital (increase) | 10,000,000 | | Capital expenditures | 12,000,000 | | Invested capital (net assets) | 100,000,000 | | Weighted average cost of capital | 10% |
What is the free cash flow for 2012?
A. 36,000,000B. 30,000,000 C. 26,000,000 D. 29,000,000 |
