$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|\}$

$\backslash$hline Liabilities and Equity & & $\backslash \backslash$

$\backslash$hline $5$ millions & Current year & Prior year $\backslash \backslash$

$\backslash$hline Short$-$term borrowings and current portion of long$-$term debt & $\backslash$$$1,550$ & $\backslash$$$2,091\backslash \backslash$

$\backslash$hline Accounts payable & $2,546$ & $4,790\backslash \backslash$

$\backslash$hline Accrued payrol & $554$ & $1,632\backslash \backslash$

$\backslash$hline Accrued income taxes & $207$ & $416\backslash \backslash$

$\backslash$hline Operating lease liabilities $-$ current & $209$ & $421\backslash \backslash$

$\backslash$hline Other current liabilities & $2,552.$ & $5,106\backslash \backslash$

$\backslash$hline Total current liabilities & $7,618$ & $14,456\backslash \backslash$

$\backslash$hline Long$-$term debt & $11,201$ & $25,690\backslash \backslash$

$\backslash$hline Pension and postretirement benefits & $1,573$ & $4,592\backslash \backslash$

$\backslash$hline Operating lease liabilities & $464$ & $946\backslash \backslash$

$\backslash$hline Other liabilities & $4,492$ & $5,445\backslash \backslash$

$\backslash$hline Total liabilities & $25,348$ & $51,129\backslash \backslash$

$\backslash$hline Common stock $(\backslash (944,033,056\backslash )$ shares issued$)$ & $7$ & $14\backslash \backslash$

$\backslash$hline Additional paid$-$in capital & $5,353$ & $10,286\backslash \backslash$

$\backslash$hline Retained earnings & $38,360$ & $73,314\backslash \backslash$

$\backslash$hline Treasury stock, at cost $(394,787,951$ shares$)$ & $(26,604)$ & $\backslash ((48,741)\backslash )\backslash \backslash$

$\backslash$hline Accurnulated other comprehensive income $($loss$)$ & $(5,338)$ & $(10,800)\backslash \backslash$

$\backslash$hline Total $3$M Company sharehalders' equity & $11,778$ & $24,073\backslash \backslash$

$\backslash$hline Noncontrolling interest & $38$ & $114\backslash \backslash$

$\backslash$hline Total equity & $11,816$ & $24,187\backslash \backslash$

$\backslash$hline Total liabilities and equity & $\backslash$$$37,164$ & $\backslash$$$75,316\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Notes to $3$ M $\text{'}$s $10-$K disclose the following information for the current year:

$\backslash$begin$\{$tabular$\}\{|$l$|$r$|\}$

$\backslash$hline $\backslash$multicolumn$\{1\}\{|$c$|\}\{$ Disclosures $\}$ & $\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{1\}\{|$c$|\}\{(\backslash$$ millions$)\}$ & $\backslash \backslash$

$\backslash$hline Interest expense, from the income statement & $\backslash (\backslash$$ $368\backslash )\backslash \backslash$

$\backslash$hline Weighted average discount rate on operating leases & $\backslash (280\backslash \%\backslash )\backslash \backslash$

$\backslash$hline Tax rate & $\backslash (21\backslash \%\backslash )\backslash \backslash$

$\backslash$hline Fair value of debt $($excluding operating leases$)$ & $\backslash (\backslash$$ $11,554\backslash )\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

The following additional information is from Finance.yahoo at the current year$-$end.

$\backslash$begin$\{$tabular$\}\{|$l$|$r$|\}$

$\backslash$hline Additional information & $\backslash \backslash$

$\backslash$hline Stock price & $\backslash (\backslash$$ $95\mathrm{.}94\backslash )\backslash \backslash$

$\backslash$hline Market beta & $0\mathrm{.}85\backslash \backslash$

$\backslash$hline Risk$-$free rate & $\backslash (4\mathrm{.}50\backslash \%\backslash )\backslash \backslash$

$\backslash$hline Market risk premium & $\backslash (5\mathrm{.}00\backslash \%\backslash )\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

a$.$ Compute $3$M$\text{'}$s market capitalization using data from its financial report excerpts above. Round to nearest million.

$4$

x million

b$.$ Compute the book value of $3$M$\text{'}$s debt including operating leases for both years.

Current year $9$

Prior year $\backslash (\backslash$$ x $\backslash )$