Question 1

The summary of PT X's balance sheet at the end of 2021 on the asset side shows: Current assets = IDR 500 milion Fixed assets (net) = IDR 1 billion

While the passive side shows: Accounts payable= IDR 200 million Bank debt= IDR 200 million Total equity= IDR 800 million

Known: Operating profit (EBIT) of IDR 200 million with an income tax rate of 15%. If the investors of PT. X in 2021 wants the average after-tax rate of profit by 10%.

You are hereby asked to: a. Calculating PT X's EVA in 2021? b. Analyzing the results of PT X's EVA calculation in 2021!

Question 2

In order to analyze the pecking order theory, you are hereby asked to: a. Explain pecking order theory b. Look for the most recent research on capital structure selection (last 3 years), using pecking order theory as the theory being tested. c. Determine what variables are studied in the study d. Concluding and giving your opinion to follow up the research results if you work in a property company (and write the title, abstract and source.)

Question 3

To analyze the motive for the merger, you are hereby asked to: a. Explain the definition of a merger b. Look for information on companies that carry out merger policies in the 5 period last year c. Explain the company's motives for the merger and the success rate do a merger d. Provide arguments based on the suitability of merger theory with merger motives the company.

(provide the company name and company background with include the source)