Use the following information to answer question 1-8

Consider the following abbreviated financial statements for Pinghua:

PINGHUA 2014 and 2015 Partial Balance Sheets
Assets								Liabilities and Owners Equity
		2014			2015					2014			2015
Current assets	$	1,848		$	2,004			Current liabilities	$	740		$	856
Net fixed assets		7,834			9,112			Long-term debt		4,012			4,284
								Equity		4,930			5,976

PINGHUA 2015 Income Statement
Sales	$	11,295
Costs		5,535
Depreciation		1,020
Interest paid		180

The tax rate is 35%. Long term debt trades at 128% of par. The firm has 500 shares outstanding. Free Cash Flow to the Firm and the Free Cash Flow to Equity are both expected to grow at 2% forever. The weighted average cost of capital is 16%. The cost of equity is 24%.

1. What is the change in gross fixed assets, i.e. capital expenditures, for 2015? $______

2. What is the Free Cash Flow to the Firm for 2015? $______

3. What is the Value of the Firm (Assets)? $______

4. What is the stock price per share using the discounted FCFF valuation? $______

5. What is the Free Cash Flow to Equity for 2015? $______

6. What is the stock price per share using the discounted FCFE valuation? $______