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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 $ 27,568
Costs 17,570
Depreciation 1,403
Earnings before interest and taxes (EBIT) $ 8,595
Interest expense 518
Pretax income 8,077
Federal taxes (@ 21%) 1,696
Net income $ 6,381

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 $ 2,337 $ 2,337 Debt due for repayment $ 370
Receivables 1,376 1,336 Accounts payable $ 3,404 3,144
Inventories 123 118 Total current liabilities $ 3,404 $ 3,514
Other current assets 1,090 617
Total current assets $ 4,926 $ 4,408
Fixed assets Long-term debt $ 13,634 $ 12,135
Property, plant, and equipment $ 24,678 $ 22,836 Other long-term liabilities 3,058 2,958
Intangible assets (goodwill) 2,805 2,654 Total liabilities $ 20,096 $ 18,607
Other long-term assets 2,984 3,100 Total shareholders equity 15,297 14,391
Total assets $ 35,393 $ 32,998 Total liabilities and shareholders equity $ 35,393 $ 32,998

In 2019 Quick Burger had capital expenditures of $3,050.

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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