Exercise 20-37 Business Valuation [LO 20-4] Williams Company is a manufacturer of auto parts having the following financial statements for 2018-2019. *Operating expenses include depreciation expense. Additional financial information, including industry averages for 2019 , where appropriate, includes: *Operating expenses include depreciation expense. Additional financial information, including industry averages for 2019, where appropriate, includes: Required: Develop a business valuation for Williams Company for 2019 using the following methods: (1) book value of equity, (2) market value of equity, (3) discounted cash flow (DCF), (4) enterprise value, and (5) all the multiples-based valuations for which there is an industry average multiplier. For the calculation of the DCF valuation, you may use the simplifying assumption that free cash flows will continue indefinitely at the amount in 2019