The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2019.

INCOME STATEMENT OF QUICK BURGER CORP., 2019(Figures in $ millions)Net sales..............................................................................................$27,567Costs.......................................................................................................17,569Depreciation............................................................................................1,402Earnings before interest and taxes (EBIT).........................................$ 8,596Interest expense.........................................................................................517Pretax income..........................................................................................8,079Federal plus other taxes.........................................................................2,614Net income............................................................................................$ 5,465

In 2019 Quick Burger had capital expenditures of $3,049.

a. Calculate Quick Burger?s free cash flow in 2019.

b. If Quick Burger was financed entirely by equity, how much more tax would the company have paid? (Assume a tax rate of 21%.)

c. What would the company?s free cash flow have been if it was all-equity financed?

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BALANCE SHEET OF QUICK BURGER CORP., 2019 (Flgures In $ mlllons) Llabilitles and Shareholders' Equlty Current llablitles Debt due for repayment Accounts payable Total current llabilitles 2018 2019 2019 2018 Assets Current assets Cash and marketable securitles Recelvables $ 2,336 1,335 117 $ 367 3,143 $ 3,509 $ 2,336 1,375 $ 3,403 $ 3,403 122 Inventorles Other current assets Total current assets Flxed assets Property, plant, and equipment Intanglble assets (goodwll) Other long-term assets Total assets 1,089 616 $ 4,403 $ 4,922 Long-term debt Other long-term llabllitles Total llabilitles Total shareholders' equity Total llabilitles and shareholders' equlty $13,633 $12,134 2,957 $18,600 14,390 $32,990 $24,677 2,804 2,983 $35,387 $22,835 2,653 3,099 $32,990 3,057 $20,093 15,294 $35,387