startup commenced operations at the beginning of 2020. $125 million of equity was raised to fund the purchase of equipment as well as for general corporate purposes. As part of its business planning process, a 5-year forecast was developed (Base Case) as well as upside and downside scenarios (High and Low Cases, respectively). At the end of 2020, StartupCo issued $150 million of 5-year debt, repayable in equal annual installments at the end of each year, to finance its future capital program. 3 Using the High Case, calculate the change in non-cash working capital in 2023E that would appear on the Cash Flow Statement. Review Later $141 -$141 -$1,828 $1,828 CFI_-_FMVA_Final_Assessment_Case_Study_2A_.xlsx