Panther Creek Industrial Financial Statements 2019 2018 Balance Sheet Cash Short term investments Accounts Receivable Inventories Total Current Assets Equipment, machinery etc. Buildings etc. less: allowance for depreciation Net fixed Assets Total Assets 14,400.00 $ 22,000.00 $ 674,000.00 $ 1,476,480.00 $ 2,186,880.00 $ 507,062.00 $ 772,950.00 $ 375,160.00 $ 904.852.00 $ 3,091,732.00 $ 7,582.00 16,700.00 632,460.00 1,287,360.00 1.944,102.00 500,400.00 702,950.00 263,160.00 940,190.00 2,884, 292.00 uuuuuuuoooooooooo Accounts Payable Notes Payable accruals Total Current liabilities Long-term debt Common Stock Retained Earnings Total common equity Total Liabilities and Equity 378,000.00 404,000.00 380,300.00 1.162 300.00 1,210,000.00 515,000.00 204,432.00 719,432.00 3,091,732.00 $ $ $ $ $ $ $ $ $ 319,400.00 420,000.00 286,960.00 1,026,360.00 1,300,000.00 460,300.00 97,632.00 557,932.00 2,884,292.00 on 6,559,000.00 $ 5,413,000.00 $ 1.146,000.00 $ 5,831,000.00 4,725,000.00 1.106.000.00 Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses Fixed Cash op. Expense Variable op. Expense Depreciation Total operating expense Earnings before Interest and Taxes Interest Earnings before Taxes Taxes (40%) Net Income innen 347,000.00 $ 318,000.00 $ 112,000.00 $ 777,000.00 $ 369,000.00 $ 144,000.00 $ 225,000.00 $ 90,000.00 $ 135,000.00 $ 342,000.00 275,000.00 116,960.00 733.960.00 372,040.00 172,000.00 200,040.00 80,016.00 120.024.00 Questions 2 and 3 use the given financial statements. 2. (12 points) Given the financial statements for Panther Creek Industrial, calculate free cash flow from either an operating or financing perspective for the year 2019. (Only choose one method to be graded). 3. (12 points) Given the calculated free cash flow from question 2 above for Panther Creek Industrial, assume it is going to grow for 2 years at 13%, then at a constant rate of 5% indefinitely. Using the Corporate Growth Valuation Model, what are the value of operations and the price per share of the company given a WACC of 8.0%, and 220,000 shares outstanding