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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 $ 27,583
Costs 17,585
Depreciation 1,418
Earnings before interest and taxes (EBIT) $ 8,580
Interest expense 533
Pretax income 8,047
Federal taxes (@ 21%) 1,690
Net income $ 6,357

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 $ 2,352 $ 2,352 Debt due for repayment $ 415
Receivables 1,391 1,351 Accounts payable $ 3,419 3,159
Inventories 138 133 Total current liabilities $ 3,419 $ 3,574
Other current assets 1,105 632
Total current assets $ 4,986 $ 4,468
Fixed assets Long-term debt $ 13,649 $ 12,150
Property, plant, and equipment $ 24,693 $ 22,851 Other long-term liabilities 3,073 2,973
Intangible assets (goodwill) 2,820 2,669 Total liabilities $ 20,141 $ 18,697
Other long-term assets 2,999 3,115 Total shareholders equity 15,357 14,406
Total assets $ 35,498 $ 33,103 Total liabilities and shareholders equity $ 35,498 $ 33,103

In 2019 Quick Burger had capital expenditures of $3,065.

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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