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The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2019. INCOME STATEMENT OF QUICK BURGER CORP., 2019 (Figures

The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2019.

INCOME STATEMENT OF QUICK BURGER CORP., 2019
(Figures in $ millions)
Net sales $ 27,586
Costs 17,588
Depreciation 1,421
Earnings before interest and taxes (EBIT) $ 8,577
Interest expense 536
Pretax income 8,041
Federal taxes (@ 21%) 1,689
Net income $ 6,352

BALANCE SHEET OF QUICK BURGER CORP., 2019
(Figures in $ millions)
Assets 2019 2018 Liabilities and Shareholders' Equity 2019 2018
Current assets Current liabilities
Cash and marketable securities $ 2,355 $ 2,355 Debt due for repayment $ 424
Receivables 1,394 1,354 Accounts payable $ 3,422 3,162
Inventories 141 136 Total current liabilities $ 3,422 $ 3,586
Other current assets 1,108 635
Total current assets $ 4,998 $ 4,480
Fixed assets Long-term debt $ 13,652 $ 12,153
Property, plant, and equipment $ 24,696 $ 22,854 Other long-term liabilities 3,076 2,976
Intangible assets (goodwill) 2,823 2,672 Total liabilities $ 20,150 $ 18,715
Other long-term assets 3,002 3,118 Total shareholders equity 15,369 14,409
Total assets $ 35,519 $ 33,124 Total liabilities and shareholders equity $ 35,519 $ 33,124

In 2019 Quick Burger had capital expenditures of $3,068.

a. Calculate Quick Burgers free cash flow in 2019. (Enter your answer in millions.)

b. If Quick Burger was financed entirely by equity, how much more tax would the company have paid? (Assume a tax rate of 21%.) (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

c. What would the companys free cash flow have been if it was all-equity financed? (Enter your answer in millions.)

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