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4 - 1 2 THREE - STEP PAOCESS FOR ESTIMATING A FIRM'S WACC Harriston Electronics builds circuit boards for a variety of applications in industrial

4-12 THREE-STEP PAOCESS FOR ESTIMATING A FIRM'S WACC Harriston Electronics builds circuit boards for a variety of applications in industrial equipment. The firm was founded in 1986 by two electrical engineers who left their jobs with General Electric (GE) Corporation. Harriston Electronics' balance sheet for year-end 2014 describes a firm with $1,184,841,000 in assets (book values) and invested capital of approximately $2.2 billion (based on market values):
Liabilities and Owners' Capital
December 31,2014
Current liabilities
Accounts payable
\table[[$,17,550,000
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