1) Create a spreadsheet to track PPE and depreciation. What will be the book value of net PPE at the end of 2022 (in $ million)?

2) What will be net income in 2022 (in $ million)?

3) If the company doesn't pay any dividends in 2022, what is the external financing needed (EFN) for 2022 (in $ million)?

Intro Albatross Inc.'s most recent balance sheet and income statement are given below (all numbers in $ million): Assets End of 2021 Cash 480 Accounts receivable 960 1,440 Inventory Current assets Net PPE Liabilities and Equity End of 2021 Accounts payable 1,440 Current liabilities 1,440 Long-term debt 2,400 Total liabilities 3,840 Equity 960 Total liab. & equity 4,800 2,880 1,920 4,800 Total assets Unit sales were 229.3 million units in 2021, with an average price of $25.12 per unit. Unit sales are expected to grow by 5% per year, while the average price is forecast to grow by only 2%. Income statemen 2021 Sales 5,760 3,456 192 2,112 72 Costs Depreciation EBIT Interest Taxable income Taxes Net income Dividends 2040 694 1,346 538 Every year, the company spends $200 million on maintaining its capital stock. Since the company is already operating close to capacity, it will have to spend an additional $1,500 million on new machinery in 2022. Depreciation is expected to remain constant at 10.04% of property, plant and equipment (PPE) at the beginning of the year. No bond or loan requires repayment until after 2025. Costs, current assets and current liabilities are expected to grow at the same rate as dollar sales, while the tax rate and interest rate will stay constant