Choi Corp. had the following operating results for fiscal years ended 2022-2021. In addition, the company paid dividends in both 2022 and 2021 of $60,000 per year. Capital expenditures in both years equaled $30,000 per year. The company's stock price in 2022 was $8 and $7 in 2021. The industry average earnings multiple was 9 in 2022 and the 2022 free cash flow and sales multiples were 16 and 1.5, respectively. The company is publicly owned and has 1,200,000 shares of outstanding stock at the end of 2022. Cash Accounts Receivable Inventory Total Current Assets Long-lived Assets Total Assets Current Liabilities Long-term Debt Shareholder Equity Total Debt and Equity Sales Balance Sheet, Dec 31, 2022 2021 $ 340,000 100,000 $ 350,000 400,000 S 250,000 300,000 $ 940,000 800,000 1,080,000 1,100,000 $ 2,020,000 1,900,000 $ 200,000 300,000 600,000 500,000 1,220,000 1,100,000 $ 2,020,000 1,900,000 Income Statement, for year ended Dec 31, 2022 2021 $ 4,750,000 $ 4,500,000 Cost of Sales Gross Margin Operating Expenses Operating Income 4,100,000 4,000,000 650,000 500,000 350,000 400,000 300,000 100,000 Taxes Net Income 120,000 40,000 $ 180,000 $ 60,000 Cash Flow From Operations 2022 2021 Net Income $ 180,000 $ 60,000 Plus Depreciation Expense 50,000 50,000 + Decrease (-inc) in AccRec. and Inv. 100,000 + Increase (-dec) in Cur. Liabl. (100,000) Cash Flow from Operations $ 230,000 $ 110,000 Questions and required calculations for Choi Corp. follow on the next page. 21. (10 points) Using the data and information from the previous page, calculate the following for Choi Corp. a. Calculate the 2022 value of the company using the earnings multiple. b. Calculate the 2022 value of the company using the free cash flow multiple c. Calculate the 2022 book value of the company's equity. d. Calculate the 2022 market value of the company. e. Compare Choi's Equity Book Value (c.) to the Market Value (d.). Discuss conceptually (not differences in the numerical calculations) the difference between these two amounts