A firm's selected information is as follows: 2020 2021 Sales $14 000 Cost of Goods Sold 10 100 Gross Profit $ 3900 Operating Expenses 1 700 Operating Income 2 200 Interest Expense 300 Earnings before taxes 1 900 Less: Taxes 380 Earnings after taxes $ 1520 Total Assets (beginning-of-the-year) $ 20 000 Equity (beginning of the year) 12 000 Debt (beginning of the year) 5 000 Number of shares 1 000 Earnings Per Share (EPS) $ 1.52 Dividend Per Share (DPS) 20 Shareholders' required rate of return 10.0% $15 200 11 150 $ 4 050 1 800 2 250 300 1 950 390 $ 1 560 $23 560 13 520 6 000 1 000 $ 1.56 25 10.00% 5. What is the firm's residual earnings in 2020? A. $1.52 C. 324 B. $1.20 D. - 324 6. What is the firm's residual earnings in 2021? A. $1.56 C. 115 B. 20.8 D. - $9.3 7. What is the firm's Abnormal Earnings Growth (AEG) in 2021? A. 11.26 C. $0 B. $ - 11.26 D. not calculable 8. What is the value of the firm at the beginning of 2020 under the RE model if the RE of 2021 is expected to grow at a constant rate of 4% for an indefinite period? 9. What is the value of the firm at the beginning of 2020 under the AEG model if the AEG of 2021 is expected to grow at a constant rate of 4% for an indefinite period