XYZ Ltd is formed January 2018, with capital of $1,000 deposited to the bank. Monthly the company has rent of $50, people overheads $12, Utilities $5, Depreciation on equipment purchase for $200 in the amount of 20% using the straight-line method over 5 years, Other costs for fees and permits is $10 per annum. There are monthly sales of the widgets it produces through its virtual manufacturing operations of $500 and the direct materials and direct labour are $200 and $50 respectively. Weighted average cost of capital is 10% Using the steps outlined in part (a) of this question, prepare the following over a 12- month period: a. Annual operating budget b. Prime cost and monthly cost of goods sold c. Cash book entry for first two months of start-up. d. Free cash flow at the end of year 1 of operations e. If the firm is to be taken to the junior stock exchange at the end of the first year, what would be the firm value that would be used in the prospectus