Using the facts noted below determine whether AFN is positive or negative and by how much? Note that the investors to raise $40 million of new common shares. $82.50 20.00% FACTS old sales new sales so change in sales old Total Assets new Total Assets so change in assets pre-tax income Net Income in millions $ $ $ $ $ $ $ $ 200.00 240.00 40.00 500.00 600.00 100.00 75.00 56.25 25.00% 20.00% tax rate spontaneous AP 25 25 spontaneous Accruals 50 Proht Margin Number shares outs di per share total di total diy paid 28 125% 4,000,000 10.00 40,000,000.00 40,000,000.00 guaranteed common equity issue 5 40,000,000.00 So AFN AFN=(A/50)AS (L/So)AS - MSIRR 40.00 S 40.00 (A*/50)As S 600.00 $ 200.00 less (L/S)AS $ 50.00 s 200.00 less MS1RR 28.12500% less $ SO ANSWERS ON AFN S 120.00 less 5 10.00 less 27.50 240.00 40.00 external financing required before common equity $82.50 issue AFN less Common equity raised -$40.00 APN net external financing required $42.50 Using the facts noted below determine whether AFN is positive or negative and by how much? Note that the investors to raise $40 million of new common shares. $82.50 20.00% FACTS old sales new sales so change in sales old Total Assets new Total Assets so change in assets pre-tax income Net Income in millions $ $ $ $ $ $ $ $ 200.00 240.00 40.00 500.00 600.00 100.00 75.00 56.25 25.00% 20.00% tax rate spontaneous AP 25 25 spontaneous Accruals 50 Proht Margin Number shares outs di per share total di total diy paid 28 125% 4,000,000 10.00 40,000,000.00 40,000,000.00 guaranteed common equity issue 5 40,000,000.00 So AFN AFN=(A/50)AS (L/So)AS - MSIRR 40.00 S 40.00 (A*/50)As S 600.00 $ 200.00 less (L/S)AS $ 50.00 s 200.00 less MS1RR 28.12500% less $ SO ANSWERS ON AFN S 120.00 less 5 10.00 less 27.50 240.00 40.00 external financing required before common equity $82.50 issue AFN less Common equity raised -$40.00 APN net external financing required $42.50