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The following are excerpts from a company's balance sheet and income statement. Included also are important rates that apply to the company. Randall-Hecho, Incorporated:

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The following are excerpts from a company's balance sheet and income statement. Included also are important rates that apply to the company. Randall-Hecho, Incorporated: Income Statement Projection Profits Shares Outstanding Earnings Per Share Interest Payments (Pre-Tax) Randall-Hecho, Incorporated: Balance Sheet Projections Working Capital Capital Spending Depreciation Long-Term Debt Randall-Hecho, Incorporated: Rates Interest Rate on Debt Corporate Tax Rate Sustainable Growth Rate Weighted Average Cost of Capital 0 (Year Just Ended) $24,630,542 2,500,000 $9.85 $500,000 0 $4,315,000 $9,574,815 $8,745,329 $10,416,667 Rates 0.06 0.200 0.010 0.095 1 $25,000,000 2,400,000 $10.42 $500,000 1 $4,250,000 $10,000,000 $8,500,000 $10,416,667 2 $28,125,000 2,400,000 $11.72 $500,000 2 $4,500,000 $12,000,000 $8,600,000 $10,416,667 $30,234,375 2,300,000 $13.15 $500,000 3 $4,750,000 $12,000,000 $8,750,000 $10,416,667 4 $32,501,953 2,300,000 $14.13 $500,000 4 $4,750,000 $13,500,000 $8,500,000 $10,416,667 5 $34,939,600 2,200,000 $15.88 $500,000 5 $4,850,000 $12,000,000 $8,250,000 $10,416,667 Required: Using the information in the tables above, please make the necessary cash flow calculations. Then use these projections to determine the intrinsic value of the firm, the equity value, and the stock price per share. (Use cells A5 to G20 from the given information to complete this question.) Randall-Hecho, Incorporated: Cash Flow Calculations Changes in Working Capital After-Tax Interest Payments Free Cash Flow to the Firm Randall-Hecho, Incorporated: Firm and Equity Value Present Value of Free Cash Flow to the Firm (Intrinsic Value) Equity Value Price Per Share 1 2 3 4 5 Terminal Value

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