Calculate the accounting enterprise value and show the value on the balance sheet for 2020. Using the Efficient Markets approach, restate the enterprise value as shown.

What is the difference in value? How can this be explained

1 B C D E XYZ ENTERPRISE VALUE BALANCE SHEET Liabilities and equity 2,800 Total financial debt 3,000 Minus liquid assets -2,500 1,950 Net debt 500 1,000 Pension liabilities 800 Assets 3 Net working capital 4 5 Fixed assets 6 7 Goodwill 8 9 10 11 12 13 14 Enterprise value Preferred stock Minority interest 200 100 Equity 4,150 5,750