To compute the cash flows (in millions) produced by the firm (project), use the long formula in

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To compute the cash flows (in millions) produced by the firm (project), use the long formula in Table 13.10:image text in transcribed

a. Note that the balance sheet gave the level of deferred taxes and the level of working capital, not the changes in these variables. You had to compute the differences yourself.

b. Depreciation is only available from the cash flow statement, not from the balance sheet.

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