Use Excel to calculate the $2018$ Free Cash Flow. Share your result and workbook.

And$/$or: Assume DPH Tree Farm invested $$100$M in new farmland financed by borrowing $$100$M in new long$-$term debt. How does this affect DPH$\text{'}$s statement of cash flows?

And$/$or: How do the farmland purchase and financing affect DPH$\text{'}$s Free Cash Flow?

And$/$or: Suppose DPH fires their tax accountant and hires a better one. She reduces their effective tax rate to $28\%.$ How does this affect their FCF$?$What is the Free Cash Flow for

$2018?$

DPH TREE FARM, INC.

Balance Sheet as of December $31,2018$ and $2017$

$($in millions of dollars$)$

DPH TREE FARM, INC.

Income Statement of December $31,2018$ and $2017$

$($in millions of dollars$)$