Williams Company is a manufacturer of auto parts having the following financial statements for 2018-2019 Balance Sheet December 31 2019 2018 Cash Accounts receivable Inventory $ 275,000 $150,000 240,000 190,000 $ 840,000 580,000 1,790,000 1,650,000 $2,630,000 $2,230,000 325,008 950,000 43350,660955000 $2,630,000 $2,230,000 165,000 400,000 Total current assets Long-lived assets Total assets Current liabilities Long-term debt Shareholders' equity 380,000 900,000 Total debt and equity Income statement For the years ended December 31 2019 2018 Sales Cost of sales Gross margin Operating income Net income $3,650,000 $3,750,000 2,800,000 2,900,000 850,00e 285,000 565,000 197,750 $ 201,000 $ 367,250 850,00e 515,000 335,000 134,000 Operating expenses Taxes Cash Flow from Operations 2019 201,000 135,000 (135,000) 55,000 2018 367,250 125,000 Net income Plus depreciation expense +Decrease (-increase) in accounts receivable and inventory Increase (-decrease) in current liabilities Cash flow from operations %256,000 $ 492,250 "Operating expenses include depreciation expense Additional financial information, including industry averages for 2019, where appropriate, includes: Industry 2019 2019 2018 Capital expenditures Income tax rate Depreciation expense Dividends Year-end stock price Number of outstanding shares sales multiplier Free cash flow multiplier Earnings multiplier Cost of capital Accounts receivable turnover Inventory turnover Current ratio Quick ratio Cash flow from operations ratio Free cash flow ratio Gross margin percentage Return on assets (net book value) Return on equity $ 175,000$250,000 40% 35% 35 , 0% $135,000 $125,000 $35,000$35,000 4 1,950,000 1,950,000 3.75 $ 25.00 1.50 18.00 9.00 5% 5% 11.10 10.50 2.30 1.90 1.20 1.10 30.0% 20 . 0% 30.0% Required Develop a business valuation for Williams Company for 2019 using the following methods:(1 book value of equity. (2) market value of equity, (3) discounted cash flow (DCF), (4) enterprise value, and (5) all the multiples-based valuations for which there is an industry average multiplier. For the calculation of the DCF valuation, you may use the simplifying assumption that free cash flows will continue indefinitely at the amount in 2019 Book value of equity Market value of equity Discounted free cash flows Enterprise value