Question: Based on the below data from Lancaster Holdings (in millions USD), calculate its Free Cash Flow to Equity as of 2016 Balance Sheet Assets

Based on the below data from Lancaster Holdings (in millions USD), calculate 

Based on the below data from Lancaster Holdings (in millions USD), calculate its Free Cash Flow to Equity as of 2016 Balance Sheet Assets Income Statement 2016 2015 2016 2015 Cash $30 $15 Sales $900 $750 Accounts receivable $90 $45 Cost of goods sold $360 $300 Inventory $120 $90 Gross profit $540 $450 Current assets $240 $150 SG&A $105 $90 Gross PPE $1,200 $900 EBITDA $435 $360 Accumulated depreciation $570 $420 Depreciation $150 $120 Total Assets $870 $630 EBIT $285 $240 Interest expense $45 $30 Liabilities 2016 2015 Pre-tax earnings $240 $210 Accounts payable 560 560 Taxes (30%) 572 563 Short-term debt 560 530 Net Income $168 $147 Current liabilities $120 590 Long term debt $342 $300 Common stock $150 $150 Retained earnings 5258 590 Total liabilities and Equity 5870 5630

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