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Consider the following income statement for Qualcomm. (all figures in $ Millions): Year 2016 2015 2014 Total Sales 60,553 56,434 53,791 45,565 42,140 39,637 Cost

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Consider the following income statement for Qualcomm. (all figures in $ Millions): Year 2016 2015 2014 Total Sales 60,553 56,434 53,791 45,565 42,140 39,637 Cost of goods sold Selling, general & admin expenses Depreciation Operating Income 11,688 12,191 11,575 1265 1256 1209 2035 847 1370 Other Income 0 0 O EBIT 2035 847 1370 Interest expense 230 441 851 1805 406 519 Earnings before tax Taxes (35%) 632 142 182 Net Income 1173 264 337 Using the numbers for year 2014 calculate: a) the interest tax shield, b) the total amount available to payout to all the investors, and c) the income that would be available to equity holders if Qualcomm was not levered

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