Read the article Worlds Most Valuable Brands: Behind the Numbers by Courtney Rette and the firm X financial data as follows:

Use the methodology developed by experts at Forbes to value this firm X brand name at the end of 2020

Firm X Balance Sheet As of Dec 31, 2020 $5,000 Current assets Long-term assets $15,000 Total assets $20,000 Current liabilities $ 2,000 Long-term liabilities $15,000 Total Liabilities $17,000 Stockholders' equity $3,000 Total Liabilities and Stockholders' equity $20,000 2018 2019 2020 Revenue $200,000 $300,000 $250,000 $100,000 $100,000 Operating expenses $100,000 (interest expenses are not included) Interest expenses $10,000 $10,000 $10,000 Income tax rate 20% 20% 20% Price-to-earning (P/E) 10 12 14 Additional data: brand name is an important earning factor of this industry. So, the brand name can help earn 30% of this firm's profit. Also, the condensed balance sheet is shown below