1. Estimate the 2004 DOL, DFL, and DCL for the firm, for each expansion. Does it appear from the resulting earnings that it is advisable for the GPC to favor high leverage?

2. Now assume that Annette will maximize use of common stock financing for all expansions, up to the limits that the new investor has asserted. How does this change your answer in number 3? (Consider that common stock has a flexible cash payment, and that it typically involves a higher requirement return by investors)

I need assistance with these two problems. Can you help with the explanation of these two question and please provide the explanation in a form of excel calculation that give me a better understanding. I have attached the case information.