Excel Sheet is below:

Question \#2 Enterprise Valuation - Your task is to calculate the Enterprise Valuation and Value of Owners' Equity of Ohio's Airlines at year 2021 (Year 0). The Year 2021 Balance Sheet and Income Statement actual results are presented in the Q2 Enterprise Valuation tab in the same Excel spreadsheet You will also see a very partial financial forecast for Ohio for Years 2022, 2023, 2024 and 2025. Ohio is growing quickly in 2022,2023 , and 2024 , before maturing to a constant \& perpetual growth rate in the year 2025 and beyond. When calculating Ohio's enterprise value, use the important assumptions listed below: The expected growth rate of sales is 12% in 2022,10% in 2023,8% in 2024 , and 6.5% is 2025 and beyonc Operating expenses excluding depreciation are forecast to be 75.5% of sales Cash \& equivalents are forecast to be 8% of sales Accounts receivable is based on an average collection period (days sales outstanding) of 8 days Inventories are forecast to be 1.7% of sales Accounts payable are forecast to be 3.9% of sales Air traffic liability (unearned revenue) is forecast to be 10.6% of sales Accrued liabilities are forecast to be 30 days of operating expenses excluding depreciation Depreciation expense, capital expenditures, and the change in net working capital in Year 2026 (Year 5) and beyond will grow at a 6.5% constant rate The cost of capital (discount rate) for Ohio is 10.0% Given Ohio's growth rates, you must calculate its free cash flow individually in years 2022, 2023, 2024 and 2025. You must also calculate Ohio's terminal value at year 2025, capturing its expected free cash flows in years 2026 and beyond. Show all your calculations and present your solution in the Q2 Enterprise Valuation tab in the Excel spreadsheet, just below the balance sheet and income statement. Present your solutions in the bold light blue box