Lan & Chen Technologies: Income Statements for Year Ending December 31
(Thousands of Dollars)				2020	2019
Sales				$995,000	$950,000
Operating costs excluding depreciation and amortization				810,000	750,000
EBITDA				$185,000	$200,000
Depreciation				35,600	32,500
EBIT				$149,400	$167,500
Interest Expense				15,000	8,600
EBT				$134,400	$158,900
Taxes (40%)				53,760	63,560
Net income				$80,640	$95,340
Lan & Chen Technologies: December 31 Balance Sheets
(Thousands of Dollars)
Assets		2020				2019
Cash		$45,250				$43,000
Short-term investments		4,800				3,200
Accounts Receivable		280,000				275,000
Inventories		151,000				171,000
Total current assets		$481,050				$492,200
Net fixed assets		430,750				415,000
Total assets		$911,800				$907,200
Liabilities and equity
Accounts payable		$96,500				$95,000
Accruals		49,250				46,000
Notes payable		36,500				29,000
Total current liabilities		$182,250				$170,000
Long-term debt		71,710				90,000
Total liabilities		$253,960				$260,000
Common stock		522,200				522,200
Retained Earnings		135,640				125,000
Total common equity		$657,840				$647,200
Total liabilities and equity		$911,800				$907,200

Forecast the next five years FCF using the statements given in Question 1 (i.e., calculate FCF2021, FCF2022, FCF2023, FCF2024, and FCF2025). Assume operating ratios remain unchanged from values in most recent year and sales will grow by 12%, 10%, 8%, 5% and 5% for the next five years.