please provide detail explanation. pls dont use excel sheets to do the solution.

Wing Manufacturing is currently a 34% tax ll equity financed, has an EBIT of $2 million, and is in the bracket. Louis, the company's founder, is the lone shareholder If the firm were to convert $4 million of equity into debt at a cost of 10%, what would a. be the total cash flow to Louis if he holds all the debt? Compare this to Louis' total cash flow if the firm remains unlevered. Assume that all earnings are paid out as dividends. Now consider the fact that Louis must pay personal tax on the firm's cash flow. Louis pays taxes on interest at a rate of 33%, but pays taxes on dividends at a rate of 28%. Calculate the total cash flow to Louis after he pays personal taxes. b