Williams Company is a manufacturer of auto parts having the following financial statements for 2021-2022. Balance Sheet December 31 2022 2021 Cash $ 267,000 $ 142,000 Accounts receivable 157,000 232,000 Inventory 392,000 182,000 Total current assets $ 816,000 $ 556,000 Long-lived assets 1,710,000 1,570,000 Total assets $ 2,526,000 $ 2,126,000 Current liabilities 284,000 245,000 Long-term debt 900,000 870,000 Shareholders equity 1,342,000 1,011,000 Total debt and equity $ 2,526,000 $ 2,126,000 Income Statement For the years ended December 31 2022 2021 Sales $ 3,570,000 $ 3,670,000 Cost of sales 2,640,000 2,740,000 Gross margin 930,000 930,000 Operating expenses* 507,000 373,000 Operating income 423,000 557,000 Taxes 169,200 194,950 Net income $ 253,800 $ 362,050 Cash Flow from Operations 2022 2021 Net income $ 253,800 $ 362,050 Plus depreciation expense 95,000 85,000 + Decrease (increase) in accounts receivable and inventory (135,000) + Increase (decrease) in current liabilities 39,000 Cash flow from operations $ 252,800 $ 447,050 *Operating expenses include depreciation expense. Additional financial information, including industry averages for 2022, where appropriate, includes: 2022 2021 Industry 2022 Capital expenditures $ 110,000 $ 170,000 Income tax rate 40% 35% 35.0% Depreciation expense $ 95,000 $ 85,000 Dividends $ 43,000 $ 43,000 Year-end stock price $ 2.95 $ 3 25.00 Number of outstanding shares 1,870,000 1,870,000 Sales multiplier 1.50 Free cash flow multiplier 18.00 Earnings multiplier 9.00 Cost of capital 5% 5% Accounts receivable turnover 11.10 Inventory turnover 10.50 Current ratio 2.30 Quick ratio 1.90 Cash flow from operations ratio 1.20 Free cash flow ratio 1.10 Gross margin percentage 30.0% Return on assets (net book value) 20.0% Return on equity 30.0% Required: Develop a business valuation for Williams Company for 2022 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 2022.