19.a. Seaside Corp. had sales of $814 million and a cost of goods sold of $420 million in 2020. A simplified balance sheet for the firm appears below:

Assets ($ millions)		Liabilities and Equity ($ millions)
Cash	50	Accounts payable	50
Accounts receivable	70	Notes payable	850
Inventory	120	Accruals	125
Net plant, property, and equipment	7000	Long term debt	2400
		Common equity	3815
Total assets	7240	Total liabilities and equity	7240

Seasides cash conversion cycle and operating cycle are closest to:

	77 days and 224 days
	77 days and 255 days
	92 days and 136 days
	92 days and 145 days
	None of the above

19.b. Consider the following premerger information about an acquiring firm (Firm A) and a target firm (Firm T). Assume that both firms have no debt outstanding.

	Acquirer (Firm A)	Target (Firm T)
Shares outstanding	5,000	4,200
Price per share	$60	$50

Firm A has estimated that the present value of the synergistic benefits from acquiring Firm T is $12,500. Suppose that Firm T is agreeable to a merger by an exchange of stock. If Firm A offers four of its shares for every seven of Firm Ts shares, the price per share of the merged firm will then be closest to:

	$24.91
	$57.41
	$70.61
	$91.57
	None of the above