Two companies are considering the acquisition of Target Company. Buyer A is a strategic buyer and Buyer B is a financial buyer. The following information pertains to Target Company: 1 Sales 28,000,000 Reported EBITDA = 4,500,000 Reported executive compensation 1,000,000 Normalized executive compensation 500,000 Reduced SG&A from eliminating duplicate general and administrative func- tions 600,000 Calculate the pro forma EBITDA estimates that the strategic and financial buy- ers would each develop in an acquisitions analysis of Target Company