I can't seem to calculate WACC1 - uses only retained earnings for equity AND WACC2 - issue new common stock

The answers in the green boxes have been verified; they are correct. The blue box with the flotation cost adjustment is correct as well, since the cost of new common stock is derived from that figure.

Calculating the WACC Skye Computer Company: Balance Sheet as of December 31 (in thousands of dollars) 2021 Current assets $1,400 Net fixed assets 2,600 Total assets $4,000 Accounts payable and accruals Short-term debt Long-term debt Preferred stock Common stock Retained earnings Total common equity Total liabilities and equity $600 200 1,275 325 775 825 $1,600 $4,000 Last year's earnings per share Current price of common stock, Po Last year's dividend on common stock, D. Growth rate of common dividend, g Flotation cost for common stock, F Common stock outstanding Current price of preferred stock, Pp Dividend on preferred stock, D. Preferred stock outstanding Before-tax cost of debt, rd Market risk premium, ' - CRF Risk-free rate, CRF $2.90 $45.00 $2.20 10% 12% 40,000 $25.00 $3.00 15,000 11% 5% 6% Risk-free rate, CRF Beta 6% 1.396 25% $1,475 Tax rate Total debt a. Calculating the cost of each capital component (using the DCF method to find the cost of common equity) After-tax cost of debt 8.25% Cost of preferred stock 12.00% Cost of retained earnings 15.38% Cost of new common stock 16.11% b. Calculating the cost of common equity from retained earnings, using the CAPM method Cost of retained earnings 12.98% C. Calculating the cost of new common stock based on the CAPM Flotation cost adjustment 0.73% Cost of new common stock 13.71% 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 Market value (in thousands) Weight Total debt $1,475 40.41% Preferred stock $375 10.27% Common equity $1,800 49.32% Total $3,650 100.00% WACC WACC2 Calculating the WACC Skye Computer Company: Balance Sheet as of December 31 (in thousands of dollars) 2021 Current assets $1,400 Net fixed assets 2,600 Total assets $4,000 Accounts payable and accruals Short-term debt Long-term debt Preferred stock Common stock Retained earnings Total common equity Total liabilities and equity $600 200 1,275 325 775 825 $1,600 $4,000 Last year's earnings per share Current price of common stock, Po Last year's dividend on common stock, D. Growth rate of common dividend, g Flotation cost for common stock, F Common stock outstanding Current price of preferred stock, Pp Dividend on preferred stock, D. Preferred stock outstanding Before-tax cost of debt, rd Market risk premium, ' - CRF Risk-free rate, CRF $2.90 $45.00 $2.20 10% 12% 40,000 $25.00 $3.00 15,000 11% 5% 6% Risk-free rate, CRF Beta 6% 1.396 25% $1,475 Tax rate Total debt a. Calculating the cost of each capital component (using the DCF method to find the cost of common equity) After-tax cost of debt 8.25% Cost of preferred stock 12.00% Cost of retained earnings 15.38% Cost of new common stock 16.11% b. Calculating the cost of common equity from retained earnings, using the CAPM method Cost of retained earnings 12.98% C. Calculating the cost of new common stock based on the CAPM Flotation cost adjustment 0.73% Cost of new common stock 13.71% 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 Market value (in thousands) Weight Total debt $1,475 40.41% Preferred stock $375 10.27% Common equity $1,800 49.32% Total $3,650 100.00% WACC WACC2