complete first excel spreadsheet attatched with interest tax shield. other ones are for reference. thx. let me know if you need more info to complete.

To test the valuation effect of leverage, you assume that WWJ could borrow a maximum of $3 billion at a pre-tax cost of debt based on the firm's AAA credit rating, and that the aggregate amount of debt will remain constant in perpetuity. Also, you assume that the proceeds of the loan would be used to repurchase shares or be paid as a special dividend to shareholders. What is the amount of tax benefit, i.e., the present value of interest tax shields? How does WWJ's value and price per share change in the four-stage process, namely pre-recapitalization (or initial), at the announcement of debt, when debt is issued, and after the fund is spent on (1) repurchasing shares, or (2) paying a lumpsum of special dividend? Tips: 1. Complete tables a and b under Q2 in Excel spreadsheet Q2 Valuation \& Q3 WACC. 2. Show workings. \begin{tabular}{|rr|} New debt (in million $s) & 3,000 \\ \cline { 2 } PV(Int Tax Shields) in million $s & 42 \\ \hline \end{tabular} b. Effect of additional debt on the value of WWJ and price per share A \begin{tabular}{|r|r|} \hline \multicolumn{1}{c}{} & \multicolumn{1}{c|}{ C } \\ \cline { 2 } & \\ \hline Corporate Tax Rate & 25% \\ \hline Personal tax rate & na \\ \hline Current Share Price & $56.37 \\ \hline Shares Outstanding (see Final tips; in millions) & 232 \\ \hline Beta (equity) & 0.75 \\ \hline rf (risk free rate =20-yr treasury rate) & 5.650% \\ \hline Risk premium ( r rm - rf) & 7.00% \\ \hline rD (yield on AAA corporate debt) & 9.31% \\ \hline Divident payout ratio & 46.00% \\ \hline \end{tabular} Q0 Student Q1 Student Q2 \& Q3 Student Q4 Student Income Statement Balance Sheet Credit Rating alues are in millions except for share price and percentages To test the valuation effect of leverage, you assume that WWJ could borrow a maximum of $3 billion at a pre-tax cost of debt based on the firm's AAA credit rating, and that the aggregate amount of debt will remain constant in perpetuity. Also, you assume that the proceeds of the loan would be used to repurchase shares or be paid as a special dividend to shareholders. What is the amount of tax benefit, i.e., the present value of interest tax shields? How does WWJ's value and price per share change in the four-stage process, namely pre-recapitalization (or initial), at the announcement of debt, when debt is issued, and after the fund is spent on (1) repurchasing shares, or (2) paying a lumpsum of special dividend? Tips: 1. Complete tables a and b under Q2 in Excel spreadsheet Q2 Valuation \& Q3 WACC. 2. Show workings. \begin{tabular}{|rr|} New debt (in million $s) & 3,000 \\ \cline { 2 } PV(Int Tax Shields) in million $s & 42 \\ \hline \end{tabular} b. Effect of additional debt on the value of WWJ and price per share A \begin{tabular}{|r|r|} \hline \multicolumn{1}{c}{} & \multicolumn{1}{c|}{ C } \\ \cline { 2 } & \\ \hline Corporate Tax Rate & 25% \\ \hline Personal tax rate & na \\ \hline Current Share Price & $56.37 \\ \hline Shares Outstanding (see Final tips; in millions) & 232 \\ \hline Beta (equity) & 0.75 \\ \hline rf (risk free rate =20-yr treasury rate) & 5.650% \\ \hline Risk premium ( r rm - rf) & 7.00% \\ \hline rD (yield on AAA corporate debt) & 9.31% \\ \hline Divident payout ratio & 46.00% \\ \hline \end{tabular} Q0 Student Q1 Student Q2 \& Q3 Student Q4 Student Income Statement Balance Sheet Credit Rating alues are in millions except for share price and percentages