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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 $ 27,582
Costs 17,584
Depreciation 1,417
Earnings before interest and taxes (EBIT) $ 8,581
Interest expense 532
Pretax income 8,049
Federal taxes (@ 21%) 1,690
Net income $ 6,359

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 $ 2,351 $ 2,351 Debt due for repayment $ 412
Receivables 1,390 1,350 Accounts payable $ 3,418 3,158
Inventories 137 132 Total current liabilities $ 3,418 $ 3,570
Other current assets 1,104 631
Total current assets $ 4,982 $ 4,464
Fixed assets Long-term debt $ 13,648 $ 12,149
Property, plant, and equipment $ 24,692 $ 22,850 Other long-term liabilities 3,072 2,972
Intangible assets (goodwill) 2,819 2,668 Total liabilities $ 20,138 $ 18,691
Other long-term assets 2,998 3,114 Total shareholders equity 15,353 14,405
Total assets $ 35,491 $ 33,096 Total liabilities and shareholders equity $ 35,491 $ 33,096

In 2019 Quick Burger had capital expenditures of $3,064.

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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