QUESTION 9

1. Below is selected information from the statement of cash flows and income statement (in thousands) for Cogswell Corporation for 2021 and 2020. Marketable securities represent investments of excess cash that Cogswell Corporation does not need for operations. Cogswell Corporations tax rate is 35%.

   Cash Flow Statement	2021	2020
   Cash from Operating Activities
   Net cash provided by operations	106,484	113,880
   Cash from Investing Activities
   (Increase) decrease in property & plant	(31,536)	(47.960)
   Acquisition (disposition) of subsidiaries or other business	(702)	(19)
   Increase (decrease) in marketable securities	(18,825)	380,737
   Net cash provided (used in) by investing activities	(51,063)	332,758
   Cash from Financing Activities
   Issuances (purchases) of equity shares	(370)	(434,570)
   Issuances (repayment) of debt	--	--
   Increase (decrease) in bank, or other borrowings	(25,000)	25,000
   Dividends, other distributions	(29,377)	(37,202)
   Net cash provided by (used in) financing activities	(54,747)	(446,772)
   Net change cash and cash equivalents	674	(134)
   Cash and cash equivalents at beginning of year	3,255	3,389
   Cash and cash equivalents at end of year	3,929	3,255
   Interest Revenue	50	35
   Interest Paid	394	1,400

   Using the above information calculated the amount of free cash flows for:

   1. All debt and equity stakeholders.
   2. Common equity shareholders.