Christy Co. book value of equity at January 1, Year I, is $50,000 Christy has a 15% cost of equity capital (k). Forecasts of Christy's accounting data follow: Year 1 Year 2 Year 3 Year 4 Year 5 Sales $100,0 00 $113,000 $127,69 $144,29 $144,2 o 0 90 Operating $77,50 Expenses 0 $90,000 $103,5 00 $118,00 0 $119,0 40 Depreciati $10,00 on 0 $11,300 $12,770 $14,430 $14,43 0 Net Income $12,00 0 $11,700 $11,400 $11,860 $10,82 0 $3,120 $11,860 $10,82 0 Dividends $5,500 $4,300 Dividends $5,500 $4,300 $3,120 $11,860 $10,82 0 From Year 6 and beyond, both accounting data and dividends approximate Year 5 levels. Required: Calculate Christy Company's residual income for each of Year 1 through Year 5. (15 points) Use the accounting-based equity valuation model to estimate the value of Christy's equity at January 1 of each of Year 2 through Year 5. (15 points)