24. In equation form, the equity valuation cash flow is defined as: a. Net Income + Depreciation and Amortization Expense - Change in Net Operating Working Capital + Capital Expenditures + Net Debt Issues b. Net Income + Depreciation and Amortization Expense + Change in Net Operating Working Capital + Capital Expenditures + Net Debt Issues c. Net Income + Depreciation and Amortization Expense- Change in Net Operating Working Capital + Capital Expenditures - Net Debt Issues d. Net Income + Depreciation and Amortization Expense - Change in Net Operating Working Capital - Capital Expenditures + Net Debt Issues 25. Which of the following equity valuation methods records surplus cash on the balance sheet but assumes that the surplus cash is paid out over time for valuation purposes? a. the projection of maximum dividends b. the calibration of pseudo dividends c. sustainable growth dividend retention d. return on equity method