Part B) Following are the financial information for Welmark Coporation. Year 2018 Year 2019 Sales 25,423 28,131 Net Income 1,706 2,312 Common Stocks, $4 Par 8,000 8,000 Retained Earnings 3,254 4,459 Outstanding Common Stocks 2000 2000 Past Ratios Assumptions for Forecasting Sales Growth 8.50% 15.00% 9% Net profit Margin (Net Income/Sales) 6.71% Dividend per share Rs. 1.10 Forecast horizon is FOUR years. Cost of Equity is 12%. Sales growth will be 15% in till Year 2023 and 3.5% onwards. No changes in Common stock is expected across forecasted period. Using Residual Income Discounting Model, Compute the Intrinsic Value of Welmark Corporation in YEAR 2019