Suppose that a firm has just completed its 2021 financial year and is looking to estimate the value of their firm. To facilitate the process, the firm has provided their two most recent Balance Sheets and their 2021 Income Statement (see below): Income Statement Balance Sheet ASSETS: Cash Accounts Receivable Inventories Net Property Plant & Equipment Total Assets 2021 4,350 9,540 21,300 420,000 455,190 2020 3,600 29,520 46,350 369,600 449,070 Sales Cost of Goods Sold Depreciation Operating Income (EBIT) Interest Expense Pretax Income Income Tax Expense Net Income 2021 314,600 (113,168) (140,800) 60,632 (31,768) 28,864 (10,102) 18,762 LIABILITIES: Accounts Payable Bank overdraft Long-Term Debt Total Liabilities 2021 25,380 9,120 207,000 241,500 2020 13,920 9,120 223,500 246,540 EQUITY: Common Stock Retained Earnings Total Equity Total Liabilities & Equity 2021 81,000 132,690 213,690 455,190 2020 81,000 121,530 202,530 449,070 The firm's senior management team believes that their free cash flows will grow by 10% in the first year (i.e. 2022), then by 7% every year for the next two years (i.e. 2023 and 2024) and then by 5% per year thereafter into perpetuity (i.e. 2025 onwards). Other pertinent details are as follows: . . 0 The current risk-free rate is 3% and market risk premium is 9% 5-year historical equity beta is 1.34 There are currently 100,000 shares outstanding The yield-to-maturity on the existing debt is 6% The effective tax-rate is 35% The target debt-to-value ratio is 50% The 2021 cash balance of $4,350 is regarded as excess cash, and is not part of working capital. . . Given the senior management team's projections and assuming the excess cash could be used to pay down the debt, use the WACC approach to calculate: A. The value of the firm (i.e. Enterprise value) (25 marks) B. The value of Equity (3 marks) C. The value per share (2 marks) (Hint: Draw a timeline). Be sure to show all your work (i.e. supporting calculations)