Using the financial statements below for Joshua Corp. answer the following questions: a. Calculate NOPAT for 2019 (using 25% tax rate) b. Calculate FCF for 2019 c. What is the ROIC for 2019 d. How much of FCF from 2019 did they use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchase, and net purchases of short- term investments? Joshua Corp. Income Statements ($ thousands) Sales Operating costs excluding depreciation Depreciation and amortization Other operating expenses EBIT - earnings before interest and taxes Interest expense Taxable income Taxes (25%) Net Income Common dividends Addition to retained earnings 2019 $420,000 300,000 19,660 27,600 72,740 5,740 67,000 16,750 50,250 18,125 32,125 2018 $400,000 298,000 18,000 22,000 62,000 4,460 57,540 14,385 34,524 17,262 17,262 2019 2018 Joshua Corp. Balance Sheets ($ thousands) Assets Cash Short-term investments Accounts receivable Inventories Total current assets Net plant and equipment Total assets $21,000 3,759 52,500 84,000 161,259 223,097 $384,356 $20,000 3,240 48,000 56,000 127,240 200,000 $327,240 Joshua Corp. Income Statements ($ thousands) Sales Operating costs excluding depreciation Depreciation and amortization Other operating expenses EBIT - earnings before interest and taxes Interest expense Taxable income Taxes (25%) Net Income Common dividends Addition to retained earnings 2019 $420,000 300,000 19,660 27,600 72,740 5,740 67,000 16,750 50,250 18,125 32,125 2018 $400,000 298,000 18,000 22,000 62,000 4,460 57,540 14,385 34,524 17,262 17,262 2019 2018 Joshua Corp. Balance Sheets ($ thousands) Assets Cash Short-term investments Accounts receivable Inventories Total current assets Net plant and equipment Total assets $21,000 3,759 52,500 84,000 161,259 223,097 $384,356 $20,000 3,240 48,000 56,000 127,240 200,000 $327,240 Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $33,600 12,600 19,929 66,129 67,662 133,791 178,440 72,125 250,565 $384,356 $32,000 12,000 6,480 50,480 58,320 108,800 178,440 40,000 218,440 $327,240