2: Income Statement and Balance Sheet (Chapters 04 & 05, 35 points) The Vinamilk' condensed financial data as follows: Revenue Interest expenses Profit before tax Income tax rate Price-to-earning (P/E) 2020 2019 2018 $2,700,000,000 $2,600,000,000 $6,500,000 $4,900,000 $2,300,000,000 $900,000 $614,000,000 $560,000,000 20% 20% $530,000,000 20% 23 21 23 Also, the condensed balance sheet is shown below: Current assets Long-term assets Total assets Current liabilities Long-term liabilities Total Liabilities Vinamilk Balance Sheet As of Dec 31, 2020 $1,400,000,000 $ 800,000,000 X1? $ 600,000,000 X2? $ 624,000,000 X3? X4? Stockholders' equity Total Liabilities and Stockholders' equity Additional data: brand name is an important earning factor of this industry. Assumed that the brand name can help to earn 25% of the firm's profit. Required: a. Calculate the average earnings before interest and tax (EBIT) of 2008-2020. (Show your work, 5 points) b. Calculate X1, X2, X3, X4 that reported on the balance sheet. (Show your work, 10 points) c. Calculate the capital employed of this firm at Dec 31, 2020? (Show your work. 10 points) d. Use the methodology developed by experts at Forbes and the results of parts a-c, determine the brand value of the Vinamilk at the end of 2020 (Show you work, 10 points)