Table 2.1 presents selected financial information for Britvic. The column labelled Company L (for leveraged) indicates the actual levels of debt and equity for the company (Annual Report, 2021). The column labelled Company U (for unleveraged) presents the information as if the company was financed entirely by equity. Some entries have been left empty, and NA means 'not applicable'. Company U Company L Value of Firm Euro 1,745.8 Euro 1,745.8 Debt N/A Euro 1,325.5 Equity Euro 1,745.8 Euro 420.3 Earnings before Interest Euro 160.7 Euro 160.7 Interest Payment Euro 18.7 Earnings after Interest Return on equity Interest rate on debt N/A N/A Debt/Equity WACC Using this example, critically examine the Miller-Modigliani Proposition I relating to debt irrelevance and company value, and Proposition II relating to debt irrelevance and the weighted average cost of capital.