answers in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answers to two decimal places. 1.23 , not 1,230,000. Round your answers to two decimal places. answer to two decimal places. $ million answer to two decimal places. \$ million WACC is 10%. The firm has 800 million shares outstanding. Round your answers to the nearest cent. Intrinsic stock price on 6/30/2021: \$ Intrinsic stock price on 6/30/2022: \$ e. What is the projected intrinsic stock price on 7/1/2022 if JCI distributes the cash as dividends? Round your answer to the nearest cent. $ f. What is the projected intrinsic stock price on 7/1/2022 if JCI distributes the cash through stock repurchases? Round your answer to the nearest cent. $ answer to two decimal places. million Distributions as Dividends or Repurchases Amount of distribution $800 million a. Filling in the missing values in the balance sheet column for July 1,2022, which is labeled "Distribute as Dividends," if JCl distributes its short-term securities as dividends; JCl did not have to establish an account for dividends payable prior to the distribution b. Filling in the missing values in the balance sheet column for July 1, 2022, which is labeled "Distribute as Repurchase," if JCl distributes its short-term securities through stock repurchases Projecting JCl's Financial Statements (Millions of Dollars) Income Statements Net sales Costs (except depreciation) Depreciation EBIT Interest expense EBT Taxes Net income \begin{tabular}{|c|c|c|} \hline \multirow[b]{2}{*}{ Taxes } & \multirow[b]{2}{*}{662.50} & \\ \hline & & 691.68 \\ \hline \multirow[t]{2}{*}{ Net income } & $0.00 & $0.00 \\ \hline & Actual & \begin{tabular}{r} Projected: Prior to \\ Distribution \end{tabular} \\ \hline Balance Sheets & 6/30/2021 & 6/30/2022 \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & $180.00 & $190.80 \\ \hline Short-term investments & 300.00 & 1,020.00 \\ \hline Accounts receivable & 2,150.00 & 2,279.00 \\ \hline Inventories & 3,150.00 & 3,339.00 \\ \hline Total current assets & $0.00 & $0.00 \\ \hline Net plant and equipment & 15,000.00 & 15,900.00 \\ \hline Total assets & $0.00 & $0.00 \\ \hline \end{tabular} \begin{tabular}{|r|r|} \hline Actual & Projected \\ \hline 6/30/2021 & 6/30/2022 \\ \hline$21,500.00 & $22,790.00 \\ 17,200.00 & 18,232.00 \\ 1,500.00 & 1,590.00 \\ \hline$0.00 & $0.00 \\ 150.00 & 201.28 \\ \hline$0.00 & $0.00 \\ \hline 662.50 & 691.68 \\ \hline$0.00 & $0.00 \\ \hline \hline \end{tabular} Distribute as Sheet1 60 Free cash flow (FCF) d. Calculating JCl's current intrinsic stock price (the price on 6/30/2021) and the projected intrinsic stock price for 6/30/2022 e. Calculating the projected intrinsic stock price on 7/1/2022 if JCl distributes the cash as dividends f. Calculating the projected intrinsic stock price on 7/1/2022 if JCl distributes the cash through stock repurchases and the number of shares remaining outstanding after the repurchase WACC \begin{tabular}{lr} Number of shares & 10.0% \\ \hline FCF & 800 million \end{tabular} FCF constant growth rate (Millions of Dollars) Horizon value Value of operations (in millions, except intrinsic stock price) Value of operations + Value of nonoperating assets Total intrinsic value of firm - Debt Intrinsic value of equity Number of shares Intrinsic price per share answers in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answers to two decimal places. 1.23 , not 1,230,000. Round your answers to two decimal places. answer to two decimal places. $ million answer to two decimal places. \$ million WACC is 10%. The firm has 800 million shares outstanding. Round your answers to the nearest cent. Intrinsic stock price on 6/30/2021: \$ Intrinsic stock price on 6/30/2022: \$ e. What is the projected intrinsic stock price on 7/1/2022 if JCI distributes the cash as dividends? Round your answer to the nearest cent. $ f. What is the projected intrinsic stock price on 7/1/2022 if JCI distributes the cash through stock repurchases? Round your answer to the nearest cent. $ answer to two decimal places. million Distributions as Dividends or Repurchases Amount of distribution $800 million a. Filling in the missing values in the balance sheet column for July 1,2022, which is labeled "Distribute as Dividends," if JCl distributes its short-term securities as dividends; JCl did not have to establish an account for dividends payable prior to the distribution b. Filling in the missing values in the balance sheet column for July 1, 2022, which is labeled "Distribute as Repurchase," if JCl distributes its short-term securities through stock repurchases Projecting JCl's Financial Statements (Millions of Dollars) Income Statements Net sales Costs (except depreciation) Depreciation EBIT Interest expense EBT Taxes Net income \begin{tabular}{|c|c|c|} \hline \multirow[b]{2}{*}{ Taxes } & \multirow[b]{2}{*}{662.50} & \\ \hline & & 691.68 \\ \hline \multirow[t]{2}{*}{ Net income } & $0.00 & $0.00 \\ \hline & Actual & \begin{tabular}{r} Projected: Prior to \\ Distribution \end{tabular} \\ \hline Balance Sheets & 6/30/2021 & 6/30/2022 \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & $180.00 & $190.80 \\ \hline Short-term investments & 300.00 & 1,020.00 \\ \hline Accounts receivable & 2,150.00 & 2,279.00 \\ \hline Inventories & 3,150.00 & 3,339.00 \\ \hline Total current assets & $0.00 & $0.00 \\ \hline Net plant and equipment & 15,000.00 & 15,900.00 \\ \hline Total assets & $0.00 & $0.00 \\ \hline \end{tabular} \begin{tabular}{|r|r|} \hline Actual & Projected \\ \hline 6/30/2021 & 6/30/2022 \\ \hline$21,500.00 & $22,790.00 \\ 17,200.00 & 18,232.00 \\ 1,500.00 & 1,590.00 \\ \hline$0.00 & $0.00 \\ 150.00 & 201.28 \\ \hline$0.00 & $0.00 \\ \hline 662.50 & 691.68 \\ \hline$0.00 & $0.00 \\ \hline \hline \end{tabular} Distribute as Sheet1 60 Free cash flow (FCF) d. Calculating JCl's current intrinsic stock price (the price on 6/30/2021) and the projected intrinsic stock price for 6/30/2022 e. Calculating the projected intrinsic stock price on 7/1/2022 if JCl distributes the cash as dividends f. Calculating the projected intrinsic stock price on 7/1/2022 if JCl distributes the cash through stock repurchases and the number of shares remaining outstanding after the repurchase WACC \begin{tabular}{lr} Number of shares & 10.0% \\ \hline FCF & 800 million \end{tabular} FCF constant growth rate (Millions of Dollars) Horizon value Value of operations (in millions, except intrinsic stock price) Value of operations + Value of nonoperating assets Total intrinsic value of firm - Debt Intrinsic value of equity Number of shares Intrinsic price per share