Problem 2 (point 20) LO-4: Construct Business analysis and valuation applications for credit analysis and merger acquisitions For private firm, Altman adjusts the public model by changing the numerator for the variable X4 from the market value of equity to the book value of equity. The revised model follows: Z=.717 (X1) +.847 (X2) + 3.11 (X3) +.420 x4 +.998 (X5) Verified by, Kartika Dewi (D4402) and sent to Department/Program on June 17, 2021 Page 2 of 4 FM-BINUS-AA-FPU-78/V2RO Where: X1 = Net Working Capital/Total assets X2 = Retained Earnings/Total Asset X3 = Earnings before interest and taxes/Total Assets X4 = Book value of equity/Book value of Total Liabilities X5 = Sales/Total Assets The model predict bankruptcy when Z