In its 10-K report for December 2018, Texas Roadhouse lists the future operating lease obligations found in the table below. Figures are in $millions. The firm's pretax cost of debt is 3.0%, the book value of debt is $2M (the debt is trading at par value), and the market value of equity is $4,272M. Operating Lease Year Expense 2019 50.0 2020 49.6 2021 49.9 2022 50.2 2023 49.9 Thereafter 677.7 a. What is the firm's market debt ratio, including only conventional debt? b. Divide the firm's lease obligations after 2023 by the average lease expense during 2019-2023. Round off this number and use it as the number of years over which to distribute the lease obligations beyond 2023. Find the present value of the firm's lease obligations. c. What is the firm's market debt ratio when including operating leases? d. The firm reports 2018 operating income of $187.8M and $45.9M in operating lease expense. Assume straightline depreciation of the leased assets over the same time period used in (b). Find the firm's lease-adjusted operating income for 2018. In its 10-K report for December 2018, Texas Roadhouse lists the future operating lease obligations found in the table below. Figures are in $millions. The firm's pretax cost of debt is 3.0%, the book value of debt is $2M (the debt is trading at par value), and the market value of equity is $4,272M. Operating Lease Year Expense 2019 50.0 2020 49.6 2021 49.9 2022 50.2 2023 49.9 Thereafter 677.7 a. What is the firm's market debt ratio, including only conventional debt? b. Divide the firm's lease obligations after 2023 by the average lease expense during 2019-2023. Round off this number and use it as the number of years over which to distribute the lease obligations beyond 2023. Find the present value of the firm's lease obligations. c. What is the firm's market debt ratio when including operating leases? d. The firm reports 2018 operating income of $187.8M and $45.9M in operating lease expense. Assume straightline depreciation of the leased assets over the same time period used in (b). Find the firm's lease-adjusted operating income for 2018