You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that the company paid $84 million in current taxes and had an interest expense of $41 million.

(1) Use the information above: interest expenses, current tax and statement of cash flow to compute financial cash flow(5 credits).(hint: please first calculate cash flows from three parts and then sum them)

(2) Based on Statement of cash flow, please calculate the cash flow for shareholders and cash flow for debtholders. Based on Calculation, write down the equation about Cash flow for different stakeholders.

Statement of Cash flows(units million) Operation Net income Depreciation Deferred Taxes Change in Assets and liabilities 192 76 13 16 17 13 -7 Acccounts receivable Inventories Accounts payable Accrued Expenses Other Total cash flow from operation Investing activities Acquisition of fixed assets Sale of fixed assets Total cash flow from investing activities Financing Activities Retirement of long-term debt proceeds from long-term debt sales change in notes payable Dividends Repurchase of stock Proceeds from new stock issue Total cash flow from financing activities change in cash(balance sheet) 290 198 21 150 115 81 43 -76 37