3. Champagne, Inc., had revenues of $12 million, cash operating expenses of $8 million, and depreciation and amortization of $1.5 million during 2008. The firm purchased $700,000 of equipment during the year while increasing its inventory by $500,000 (with no corresponding increase in current liabilities). The marginal tax rate for Champagne is 30 percent.Free cash flow: What is Champagne?s cash flow from operations for 2008? (Points : 1)$2,050,000$2,500,000$3,250,000$4,000,000