Part 2: Practice Questions Question 1: Abbreviated financial statements are given for Hitachi Corporation in the following table. Year-end working capital in 2021 was $150 million, and the firm's marginal tax rate was 40% in both 2022 and 2023 . Estimate the following for 2022 and 2023 : Abbreviated Financial Statements for Hitachi Corporation (\$ million) a. Calculate Free cash flow to equity in 2022 and 2023 Hint: FCFE = EBIT - Taxes + Depreciation - Capex - change in WC - (Debt repayment +interest expense) b. Calculate Free cash flow to the firm in 2022 and 2023 Hint: FCFF=EBIT+ Depreciation - Capex - change in WC - tax rate * EBIT