Here is a simplified balance sheet for Epicure Pizza (figures in $ millions): Liabilities and Shareholders' Equity Current liabilities Assets Current assets Fixed assets Total $ 92 48 $ 140 Long term debt Equity Total Note: There are 8 million shares outstanding. Epicure shares are currently priced at $12 each. $ 90 18 32 $ 140 a. What value should be used for debt when calculating the firm's WACC? Note: Enter your answer in millions. b. Since Epicure issued its debt, interest rates have fallen substantially. Do you need to revise your measure of the debt ratio upward or downward? a. Debt figure b. Do you need to revise your measure of the debt ratio upward or downward? million

Here is a simplified balance sheet for Epicure Pizza (figures in $ millions): Note: There are 8 million shares outstanding. Epicure shares are currently priced at $12 each. a. What value should be used for debt when calculating the firm's WACC? Note: Enter your answer in millions. b. Since Epicure issued its debt, interest rates have fallen substantially. Do you need to revise your measure of the debt ratio upward or downward