MVIDIA Corp. financial statements are presented below. Analysts forecast that its 2020 sales will be $8,260. The expected 2020 tax rate will be 17.35%. Assume the firm pays 5% interest on short- term debt and 7% on long term debt. MVIDIA Corporation Income Statement ($ in Millions) For the Years 2014 to 2019 Jan-19 Sales 6.910 Jan-18 Jan-17 5,010 4,682 Jan-16 Jan-15 Jan-14 4,130 4,280 3,998 Cost of Goods Sold 2,648 2,002 1,862 1,623 1,828 1,743 Gross Income 4,262 3,008 2,820 2,507 2,453 2,255 Research & Development 1,463 1,331 1,360 1,336 1,147 984 Other SG&A 641 532 443 436 431 398 Depreciation Expense 187 197 220 239 226 204 Other Operating Expense 2 0 0 0 0 0 EBIT (Operating Income) 1,969 948 796 496 648 669 Nonoperating Income - Net 50 43 42 24 17 Interest Expense 58 47 46 10 Unusual Expense - Net 56 201 37 0 739 30 Pretax Income 1,905 743 755 510 662 663 Income Taxes 239 129 124 70 100 82 Net Income 1,666 614 631 440 563 581 Dividends per Share 0.49 0.40 0.34 0.31 0.08 0.00 Shares Outstanding 649.00 569.00 563.07 594.52 624.96 616.37 Tax Rate 12.55% 17.36% 16.46% 13.77% 15.03% 12.41% MVIDIA Corporation Balance Sheet ($ in Millions) For the Years 2014 to 2019 Jan-19 Jan-18 Jan-17 Jan-16 Jan-15 Jan-14 Inventories Assets Cash Short-Term Investments Accounts Receivable Other Current Assets Total Current Assets Gross Plant & Equipment Accumulated Depreciation 1,766 596 497 1,151 431 253 5,032 4,441 4,127 3,521 3,297 2,876 826 505 474 426 454 336 794 418 483 388 420 340 118 93 133 139 173 99 8.536 6,053 5,713 5,625 4,775 3,905 1,191 1,100 1,179 1,283 1,289 1,157 670 634 622 700 713 596 Net Plant & Equipment 521 466 557 583 576 560 Other Assets 784 851 931 1,043 1,061 1,087 Total Assets 9,841 7,370 7,201 7,251 6,412 5,553 Liabilities & Shareholders' Equity ST Debt & Current Portion LT Debt 800.0 1,413.0 0.0 2.9 0.0 0.0 Accounts Payable 485.0 296.0 293.2 324.4 356.4 335.1 Other Current Liabilities 503.0 642.0 602.8 621.1 619.8 594.9 Total Current Liabilities 1,788.0 2,351.0 896.0 948.4 976.2 930.0 Long-Term Debt 2,020 97 1,398 1,371 19 21 Other Liabilities 271 453 489 475 589 456 Total Liabilities 4,079 2,901 2,783 2,794 1,585 1,407 Common Equity 5,762 4,469 4,418 4,456 4,828 4,146 Total Liabilities & Shareholders' Equity 9,841 7,370 7,201 7,251 6,412 5,553