Com omputer -21 CALCULATING THE WACc Here is the condensed 2016 balance sheet for Skye Company (in thousands of dollars): 2016 Current assets Net fixed assets Total assets $2,000 3,000 $%5,000 $ 900 Accounts payable and accruals Short-term debt Long-term debt Preferred stock (10,000 shares) Common stock (50,000 shares) Retained earnings Total common equity Total liabilities and equity 100 1,100 250 1,300 1,350 $2,650 $5,000 Skye's earnings per share last year were $3.20. The common stock sells for $55.00, las year's dividend (Do) was $2.10, and a flotation cost of 10% would be required, to se new common stock. Security analysts are projecting that the common dividen grow at an annual rate of 9%. Skye's preferred stock pays a dividend of $3.30 per share, and its preferred stock sells for $30.00 per share. The firm's before-tax cost d will of