Gadget Ltd. is considering to go under liquidation procedures after the global effects of corona virus on the industry. It just announced today will be paying an annual dividend totally $7 million this year and $18 million one year from now as a liquidating dividend. The company is considering a plan to raise $5 million to fund the business operation within 1 year by issuing new shares. The required rate of return for the shareholders is 15%. Required: Calculate the current value of the firm's equity in total and per share if the firm has three million shares outstanding before issuing new shares for two cases: Case 1: The company does not raise $5 million additional fund by issuing new shares Case 2: The company executes the plan to raise that $5 million additional fund by issuing new shares Holmes Institute