Compare Trout, Inc. with Salmon Enterprises, using the following balance sheet of Trout and the market data of Salmon for the weights in the weighted average cost of capital:

Trout, Inc.
Current assets:	$2,000,000	Current liabilities:	$1,000,000
Long-term assets:	$7,000,000	Long-term liabilities:	$5,000,000
Total assets:	$9,000,000	Owners' equity:	$3,000,000
Salmon Enterprises
Bonds outstanding: 3,000 selling at $980.00
Common stock outstanding: 260,000 selling at $23.40 . If the after-tax cost of debt is 8.08.0% for both companies and the cost of equity is 12.0012.00%, which company has the higher WACC? What is the book value adjusted WACC for Trout Inc.?