1. Ward Corp. is expected to have an EBIT of $1.9 million next year. Depreciation, the increase in net working capital, and capital spending are expected to be $165,000, $85,000, and $115,000, respectively. All are expected to grow at 18 percent per year for four years. The company currently has $13 million in debt and 800,000 shares outstanding. After Year 5, the adjusted cash flow from assets is expected to grow at 3 percent indefinitely. The companys WACC is 8.5 percent and the tax rate is 35 percent.
   1. Construct the table, showing the adjusted cash flow from assets (ACFA) for each year for the next six years.
   2. What is the price per share of the companys stock?