Question 3 (35 marks) Macro Incorporation has compiled the following financial information for the year ended 2018 and 2019: Cash Cost of goods sold Net fixed assets Interest paid Common Stock Accounts receivable Depreciation Taxes paid Inventory Accounts payable Retained Earnings Other expenses Sales Long-term debt 2019 1,276 3.284 11.657 825 6,521 808 502 519 1.299 643 1.990 728 $9.618 5.886 2018 1.149 2.713 8.592 735 5,644 859 484 451 1.123 564 2.123 592 $7,487 3.392 Required: a. Calculate the amounts, by showing all your detailed calculation steps, for the cash flow from assets in 2019 by using both (1) use of fund and (2) financing perspective; the cash flow to creditors and the cash flow to stockholders. (21 marks) b. Briefly explain if it is possible for a company's cash flow to stockholders to be negative in a given year. [within 50 words] (3 mark) c. Calculate the following ratios of the company for the year 2019: (1) Debt-to-equity ratio (3 mark) (ii) Return on assets (ROA) (3 mark) d. You are having a discussion with one of your classmates on dividend policy. Your classmate argues that dividend policy is totally irrelevant. Write a response to this statement justifying that in the real world, dividend policy does matter. [within 200 words]