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Excel Activity: Calculating the WACC Here is the condensed 2021 balance sheet for Skye Computer Company (in thousands of dollars): Skye's earnings per share last year were $3.05. The common stock sells for $55.00, last year's dividend (D0) was \$2.35, and a flotation cost of 11\% would be required to sell new common stock. 5ecurify analysts are projecting that the common dividend will grow at an annual rate of 9%. Skye's preferred stock pays a dividend or 33.15 per share, and its preferred stock sells for $35.00 per share. The firm's before-tax cost of debt ts 11 wi, and its marginat tax rate is 25%. The firms currently outstanding 11% annual coupon rate, fong-term debt sells at par value. The market risk premium is 4%, the risk-free rate is 5%, and 5k es beta is 1.462. The firms totat debt, whichis the sum of the company's short-term debt and long-term debt, equals $1.725 million. The data has been collected in the Microsof. Excet rile below. Downtodd the spreadsheut and perform the required analysis to answer the questions below. Do not round fitermediate calculabons. Round your answers ta two decimal places: Calculating the WACC C Skye Computer Company: Balance Sheet as of December 31 (in thousands of dollars) a. Calculating the cost of each capital component fusing the DCF methed to find the cost of common equity) b. Calculating the cost of cornmon equity from retained eamings, using the CAPM method Cost of retained earnings c. Calculating the cost of new coenmon stock based on the CAPM Fiotation cost adjusiment Cost of new common stock d. Calculating the fim's WACC assuming that (1) in wses only retained earnings for equity and (2) it it expoeds so ranidly that it must iscue now romenon shoul A B C c. Calculating the cost of new common stock based on the CAPM Flotation cost adjustment Cost of new common stock d. Calculating the firm's WACC assuming that (1) it uses only retained earnings for equity and (2) if it expands so rapidly that it must issue new common stock \begin{tabular}{l|l} \hline 51 & \\ \hline 52 & Total debt \\ 53 & Preforred \\ 54 & Common \\ 55 & Total \\ 56 & \\ 57 & WACC 4 \\ 58 & WACC2 \\ 59 & \\ 60 & \\ 61 & \\ 62 & \\ 63 & \\ 54 & \\ \hline 65 & \end{tabular} a. Calculate the cost of each capital component, that is, the after-tax cost of debt, the cost of preferred stock, the cost of equity from retained earnings, and the cost of newly issued common stock. Use the DCF method to find the cost of common equity. After-tax cost of debt: log15 Cost of preferred stock: Cost of retained earnings: 9ig Cost of new common stock: if b. Now calculate the cost of common equity from retained earnings, using the capM method. c. What is the cost of new common stock based on the CAPMz. (Hins. Find ithe difference between i C and g as determined by the DCF method, and add that differential to thu CAPM Yalue fon rill