5a) Last year, HappyBoy reported the following on its income statement, in billions of dollars: revenue of $100 COGS of $41.4 SG&A expenses of $4.84 depreciation expense of $23 interest expense of $8.7 and a tax rate of 32%. Compute the tax shield associated with last years depreciation expense. Said differently, how much money was saved from depreciation expense? Enter your value in the answer box below, inn billions of dollars.

b)

KitiKiti Inc. had the following situation last year (in millions of dollars):

• Its CF from capital spending was $-14.78
• Its CF from changes in working capital was $-7.4 a negative value.
• Its COGS was $36.2
• Its depreciation expense was $18.96
• Its CF from Operations was $51
• Its CF from changes in maintenance cash was $6.9
• Its tax rate was 26%.
• Its interest expense was $7.38

Compute the Free Cash Flow (FCF) from assets for KitiKiti last year.