$6.[$Equity Valuation Cash Flows$]$ Following are financial statements $($historical and forecasted$)$ for the Global Products Corporation.GLOBAL PRODUCTS CORPORATIONBALANCE SHEETS$2019$ FORECAST $2020$Cash$ $50,000$$ $60,000$Accounts receivable$200,000290,000$Inventories$450,000570,000$ Total current assets$700,000920,000$Fixed assets, net$300,000380,000$Total assets$$1,000,000$$$1,300,000$Accounts payable$140,000180,000$Accruals$50,00070,000$Bank loan$80,00090,000$ Total current liabilities$270,000340,000$Long$-$term debt$400,000550,000$Common stock $($$$1$ par value$)50,00050,000$Capital surplus$200,000200,000$Retained earnings$80,000160,000$ Total liabilities and equity$$1,000,000$$$1,300,000$INCOME STATEMENTS$2019$FORECAST $2020$Net sales$$1,300,000$$$1,600,000$Cost of goods sold$780,000960,000$ Gross profit$520,000640,000$Marketing$130,000160,000$General and administrative$150,000150,000$Depreciation$40,00055,000$ Earnings before interest and taxes$200,000275,000$Interest$45,00055,000$ Earnings before taxes$155,000220,000$Income taxes $(40\%$ rate$)62,00088,000$ Net income$ $93,000$$ $132,000$ A$.$ Assume that the cash account includes only required cash. Determine the dollar amount of equity valuation cash flow for $2020.$B$.$ Now assume that Global Products$$ required cash is set at $3$ percent of sales. Any addi$-$tional cash would be surplus cash. Re$-$estimate the dollar amount of equity valuation cash flow for $2020.$C$.$ Let$$s assume that investors in Global Products want to estimate the venture$$s present value at the end of $2019.$ Forecasted financial statements reflect the stepping$-$stone year. Cash flows are expected to grow at a perpetual $8$ percent annual rate beginning in $2021.$ Assume that all cash is required cash as was done in Part A$.$ What is Global Products$$ present value if investors want an annual rate of return of $25$ percent?D$.$ Work with the assumptions in Part B about Global Products$$ required cash being $3$ percent of sales. Calculate the present value of the Global Products venture at the end of $2019$ if investors want an annual rate of return of $25$ percent and cash flows are expected to grow at a perpetual $8$ percent annual rate beginning in $2021.$ Please answer A $-$ D with Respect to Excel