Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of dollars) 2019 2018 $1,000.0 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization Earnings before interest and taxes Interest Earnings before taxes Taxes (40%) Net income Common dividends Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) $1,200.0 1,020.0 $ 180.0 30.0 $ 150.0 21.7 $ 128.3 51.3 $ 77.0 $ 60.5 850.0 150.0 25.0 $ 125.0 20.2 $ 104.8 41.9 $ 62.9 46.4 2019 2018 $ 120 180.0 180.0 $372.0 300.0 $672.0 $ 10.0 150.0 200.0 $360.0 250.0 $610.0 Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Notes payable Accruals Total current liabilities Long-term bonds Total debt Common stock (50 million shares) Retained earnings Common equity Total liabilities and equity $108.0 67.0 720 $247.0 150.0 $397,0 50.0 225.0 $275.0 $672.0 $ 90.0 51.5 60.0 $201.5 150.0 $351.5 50.0 208.5 $258.5 $610.0 a. Make statement of owner's equity. b. Calculate company's free cash flow (FCF) for the year 2019. c. Analyze the company's FCF. (This analysis is specific to the Powell Company, and does not require you to define FCF)