Actual	Forecasts
Year	2019	Year +1	Year +2	Year +3
Revenues	37,137.0	40,426	44,006	47,904
	-14,762.0	-18,931	-20,607	-22,432
	-11,711.0	-13,169	-14,336	-15,605
	-239.0	-200	-245	-10
Income before Tax	10,425.0	8,126	8,818	9,856
	-2,794.0	-2,399	-2,603	-2,910
Net Income	7,631.0	5,727	6,215	6,947
ASSETS:
Cash and Cash Equivalents	1,651	1,804	1,964	2,138
Marketable Securities	1,171	1,127	1,227	1,336
Accounts Receivable - Net	3,725	5,295	4,524	6,165
Inventories	1,926	1,793	2,255	2,152
Current Assets	8,473	10,020	9,970	11,790
Property, Plant & Equipment - at cost	19,058	21,151	23,744	26,837
	-9,871	-11,479	-13,088	-14,696
Other Non-Current Assets (1)	980	1,010	1,041	1,073
Total Assets	18,640	20,701	21,668	25,004
LIABILITIES:
Accounts Payable - Trade	2,000	3,243	2,634	3,594
Notes Payable and Short Term Debt	274	316	331	382
Current Liabilities	2,274	3,559	2,964	3,976
Long Term Debt	2,550	4,004	4,117	4,751
Long Term Accrued Liabilities	4,624	5,034	5,479	5,965
Total Liabilities	9,448	12,597	12,561	14,691
Common Stock + Paid in Capital	614	248.4	260	300
Retained Earnings	16,336	17114	19605	22271
	-7,758	-9,258	-10,758	-12,258
Common Shareholders' Equity	9,192	8,105	9,107	10,313
Total Liabilities and Equities	18,640	20,701	21,668	25,004

Note: Common Dividends are 40% of NI

# of shares	1581.0
Growth Rate	3.05%
Levered Market Beta	0.76
Risk Free Rate	4.07%
Market Risk Premium	6.11%

A- what are the Dividends for Year +1

B- what are the Dividends for Year +2

C- what are the Dividends for Year +3

D- what is the Required Income for Year +1

E- what is the Required Income for Year +2

F- what is the Required Income for Year +3

G- what are the Dividends for Year t+1

H- what is the continuing DIV

I- What is the value of the stock according to the Financial Statement forecast

J- Currently, the D/E ratio is 0.5. What will be the new levered market beta of the firm if the D/E ratio changes to 1.2?