China Resources produces and markets beer. The following are selected numbers from the financial statements for 2017 and 2018 (in millions). The firm had capital expenditures of $950 million in 2017 and $1 billion in 2018. The working capital in 2016 was $190 million, and the total debt outstanding in 2016 was $5.75 billion. There were 305 million shares outstanding, trading at $21 per share. A. Estimate the cash flows to equity in 2017 and 2018. (6 points) B. Assuming that net income increase 4%, and that working capital remains unchanged in 2019, estimate the projected cash flows to equity in 2019. (The firm is assumed to be at its optimal financial leverage.) ( 3 points) C. How would your answer in (B) change if the firm planned to reduce its debt ratio to zero in 2019 by financing 100% of its capital expenditures (net of depreciation) with new equity issues? (3 points)