continued continued from previous page Forecasting with the Parsineaions Method and Estimating Share Value Ehing the DCF Model Following are incoxise satements and balance shests for Clisu Sssterms. Required a. Compute net operating assets (NOA) for 2019. b. Compute net operating profit after tax (NOPAT) for 2019 , assuming a federal and state statutory tax rate of 22%. Assume that all items on the 2019 income statement will persist. c. Use the parsimonious forecast method, as shown in Analysis Insight box on page 13-5, to forecast Cisco's sales, NOPAT, and NOA for 2020 through 2023 and the terminal period using the following assumptions. d. Estimate the value of a share of Cisco common stock using the discounted cash flow (DCF) model as of July 27,2019; assume a discount rate (WACC) of 7.6\%, common shares outstanding of 5,029 million, and net nonoperating obligations (NNO) of $(8,747 ) million (NNO is negative, which means that Cisco has net nonoperating investments). e. Cisco stock closed at $48.42 on September 5,2019 , the date the Form 10-K was filed with the SEC. How does your valuation estimate compare with this closing price? What do you believe are some reasons for the difference? What investment decision is suggested from your results