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]