51. An analyst gathers the following annual information ($ millions) about a company
that pays no dividends and has no debt:
Net income 45.8
Depreciation 18.2
Loss on sale of equipment 1.6
Decrease in accounts receivable 4.2
Increase in inventories 3.4
Increase in accounts payable 2.5
Capital expenditures 7.3
Proceeds from sale of stock 8.5
The company’s annual free cash flow to equity ($ millions) is closest to:
A. 53.1.
B. 58.4.
C. 61.6.
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