Required (a) Compute Timberer's residual income for each of the years 'om 2020 to 2023. Use the residual income model to estimate Timberer's equity value at 1 January 2020. (b) Verify that the discounted cash ow model would yield the same equity value you have obtained in part (a) above. (0) Timberer's top management is concerned about the company's declining earnings growth rate. In a bid to boost the company's earnings growth rate, the management team is considering reducing the company's dividend payout ratio. This allows the company to retain more earnings for investment in order to fetch higher rture earnings. Manageth estimated that the incremental growth in the book value of equity will earn an RIDE of 12%. The CEO is seeking your opinion on the matter. He wants to know if shareholders will be better off and how the share price is likely to respond to the announcement. Write a brief memo to address the CEO's queries. (d) When estimating the intrinsic value of Timberer, you read a few analyst reports. Two analysts commented that Timberer has been rather tightlipped about its expansion plans. Three analysts expressed concerns about the composition of its board of directors and its poor corporate social sustainability records. How would you have considered these concerns when estimating Timberer's intrinsic value