JINGHUA 2018 and 2019 Partial Balance Sheets Assets Liabilities and Owners' Equity 2018 2019 2018 2019 Current assets $ 3,700 $ 4,200 Current liabilities $ 1,480 $ 1,720 Net fixed assets 15,700 18,240 Long-term debt 8,000 8,600 Equity 9,920 12,120 JINGHUA 2019 Income Statement Info Sales $ 22,600 Costs 11,000 Depreciation 2,000 Interest paid 400 The tax rate is 35%. Long term debt trades at 125% of par. The firm has 500 shares outstanding. Free Cash Flow to the Firm and the Free Cash Flow to Equity are both expected to grow at 2% forever. The weighted average cost of capital is 16%. The cost of equity is 24%.

9) What is the Net Income for 2019? $______

10) What is the Free Cash Flow to the Firm for 2019? $______

11) What is the Value of the Firm (Assets)? $______

12) What is the stock price per share using the discounted FCFF valuation? $______

13) What is the Free Cash Flow to Equity for 2019? $______

14) What is the stock price per share using the discounted FCFE valuation? $______