1. You have been provided the following actual financial information from the reformulated 2021 financial statements of Golden Ltd. and forecasts of the same figures for the 3-year period 2022 2024.

   	2021 A	2022 E	2023 E	2024 E
   Sales Revenue	2,000,000	1,900,000	1,800,000	1,750,000
   Operating Profit Margin (PM)	0.15	0.125	0.11	0.10
   Asset Turnover (ATO)	2	2	2	2

   Based on this information, which of the following statements is TRUE assuming that the firms weighted average cost of capital is 12% and the forecasted growth rate in the firms free cash flows (FCF) after 2024 is 1%?

   	1.	The firms expected free cash flows (FCF) for 2024 are $176,250 and the estimated value of the firm based on the discounted FCF valuation model is $653,103
   	2.	The firms expected free cash flows (FCF) for 2024 are $200,000 and the estimated value of the firm based on the discounted FCF valuation model is $1,903,844
   	3.	The firms expected free cash flows (FCF) for 2024 are $200,000 and the estimated value of the firm based on the discounted FCF valuation model is $653,103
   	4.	The firms expected free cash flows (FCF) for 2024 are $150,000 and the estimated value of the firm based on the discounted FCF valuation model is $1,372,478