1. (20 points) Refer to the preceding income statement and balances sheet for Dolphin, Inc. to answer the following questions, Dolphin is a 5600 million event promotion company that operates with a 30 percent operating tax rate. 18 Dolphin: Income Statement and Balance Sheet 5 milion Income statement Last year Current year Revenues 1.100 1.210 Cost of sales (770) 10 Selling general, and administrative 11651 (2021 Depreciation 04. EBIT 12 121 interest pense 1153 Gain/bosson tal of assets 1101 EUT 117 90 Tanes 135 29 Net Income AZ 17 Opera Death and be Amante Inventory Current 31 230 no 115) Properties and Total Dividends 33 Actres Current les 536 68 R$80 215 Lone term de Comment Heto new Totalities and What is the average invested capital (IC) for Dolphin for the current year? What are Dolphin's NOPAT and ROIC for the current year? 2. Why are non-operating assets and excess cash treated separately in FCF and ROIC calculations? What would happen to FCF and ROIC, If non operating assets and excess cash are included? 3. What is the relationship with cash conversion cycle and net operating working capital? How do changes in operating efficiency affect a company's networking capital needs and ROIC? 4. What is the relationship between economic profit and firm value? How does economic profit relate to valde creation