5. Problem Problem Walk-Through Problen 10-9 WACC The Patrick Company's year-end balance sheet is shown below. Its cost of common equity is 14% ts before tax cost of debt is 12%, and its marginal tax rate is 40%. Assume that the firm's long-term debt sells at par value. The firm's total debt, which is the sum of the company's short-term debt and long-term debt, equals $1,214. The firm has 576 shares of common stock outstanding that sell for $4.00 per share. Calculate Patrick's WACC using market value weights, Round your answer to two decimal places. Assets Liabilities And Equity Cash S 120 Accounts payable and 10 accruals Short-term debt Long-term debt Common equity Accounts receivable 240 360 2,160 64 $1,150 1,656 $2,880 Plant and equipment, net Total assets 2,80 Total liabilities and equity