Following are income statements and balance sheets for Nike Inc. NIKE INC. Consolidated Income Statements May 31, May 31, For Year Ended ($ millions) 2019 2018 Revenues $39,117 $36,397 Cost of sales 21,643 20,441 Gross profit 17,474 15,956 Demand creation expense 3,753 3,577 Operating overhead expense 8,949 7,934 Total selling and administrative expense 12,702 11,511 Interest expense (income), net 49 54 Other (income) expense, net (78) 66 Income before income taxes 4,801 4,325 Income tax expense 772 2,392 Net income $4,029 $1,933 NIKE INC. Consolidated Balance Sheets May 31, May 31, $ millions 2019 2018 Current assets Cash and equivalents $4,466 $4,249 Short-term investments 197 996 Accounts receivable, net 4,272 3,498 Inventories 5,622 5,261 Prepaid expenses and other current assets 1,968 1,130 Total current assets 16,525 15,134 Property, plant and equipment, net 4,744 4,454 Identifiable intangible assets, net 283 285 Goodwill 154 154 Deferred income taxes and other assets 2,011 2,509 Total assets $23,717 $22,536 Current liabilities Current portion of long-term debt $6 $6 Notes payable 9 336 Accounts payable 2,612 2,279 Accrued liabilities 5,010 3,269 Income taxes payable 229 150 Total current liabilities 7,866 6,040 Long-term debt 3,464 3,468 Deferred income taxes and other liabilities 3,347 3,216 Commitments and contingencies (Note 18) Shareholders equity Common stock at stated value: Class A convertible315 and 329 shares outstanding - - Class B1,253 and 1,272 shares outstanding 3 3 Capital in excess of stated value 7,163 6,384 Accumulated other comprehensive income (loss) 231 (92) Retained earnings 1,643 3,517 Total shareholders equity 9,040 9,812 Total liabilities and shareholders equity $23,717 $22,536 Required a. Compute net operating assets (NOA) and net nonoperating obligations (NNO) for 2019. The companys NNO is negative because cash exceeds debt. NOA: $ Answer NNO: $ Answer b. Compute net operating profit after tax (NOPAT) for 2019 assuming a federal and state statutory tax rate of 22%. Note: Round your answer to the nearest whole dollar. NOPAT: $ Answer c. Use the parsimonious forecast method, as shown in the Analysis Insight box on page 14-5, to forecast sales, NOPAT, and NOA for 2020 through 2023 using the following assumptions. Sales growth 8% Net operating profit margin (NOPM) 2019 ratios rounded to three decimal places Net operating asset turnover (NOAT), year-end 2019 ratios rounded to three decimal places Forecast the terminal period value assuming a 2% terminal period growth and using the NOPM and NOAT assumptions above. Note: Round your final answers to the nearest whole dollar.