Parkland Corporation is about to launch a new product. However, whether the new product will succeed or fail remains uncertain. If it succeeds, Parkland's assets will be worth $220 million at the end of the year. If it fails, Parkland's assets will be worth only $60 million. Suppose Parkland's new product is equally likely to succeed or to fail, and this risk is diversifiable. The risk-free interest rate is 4% and, in the event of default, 25% of the value of Parkland's assets will be lost because of financial distress costs. Ignore all other market imperfections such as taxes. (1) If Parkland uses all-equity financing, what is the value of Parkland's equity at the beginning of the year? (2) If Parkland uses debt that matures at the end of the year with a total of $100 million due, what is the value of debt at the beginning of the year? And what is the value of the levered equity at the beginning of the year