16.PierceCompany is operating in country Y: corporate tax is 30%, personal income tax on bond investment is 22%, personal tax on stock is 32%. Assume market value w/ no financial leverage is $44 million. If Pierce Co. has $10 million total market value of debt financing, what would be the value of the company in country X? What is the proportion of debt and equity financing for Peirce CO with no financial leverage? (show all work)

19. Budgeted monthly sales are $5000and they're constant from month to month. Customer pay as follows:

Month 1: 20% pay, and get 2% discount

Month 2: 70% pay, o discount

Month 3: 10% pay, w/ 5% interest

Firm has no bad debt, purchases for next months sales are constant at 55% of projected sales for the next month. Other payment s- rent, etc. are 35% of sales for the month. Construct a cash budget for a typical month and calculate cash gain/ loss for month? (show all work)