China Gold Mining produces and markets gold. The following are selected numbers from the financial statements for 2019 and 2020 (in millions). Revenues (Less) Operating Expenses (Less) Depreciation = EBIT = (Less) Interest Expenses (Less) Taxes = Net Income Working Capital Total Debt 2019 2020 $8,494.0 $9,000.0 ($6,424.0) ($6,970.0) ($872.0) ($860.0) $1,198.0 $1,170.0 ($510.0) ($515.0) ($362.0) ($420.0) $326.0 $235.0 ($45.0) ($50.0) $5.45 billion $5.00 billion The firm had capital expenditures of $950 million in 2019 and $1 billion in 2020. The working capital in 2018 was $190 million, and the total debt outstanding in 2018 was $5.75 billion. There were 300 million shares outstanding, trading at $25 per share. A. Estimate the cash flows to equity in 2019 and 2020. B. Assuming that net income and the expenditure increase 4%, and that working capital remains unchanged in 2021, estimate the projected cash flows to equity in 2021. (The firm is assumed to be at its optimal financial leverage.) C. How would your answer in (B) change if the firm planned to reduce its debt ratio to zero in 2021 by financing 100% of its capital expenditures (net of depreciation) with new equity issues?