Please answer question #3 and with formulas on the excel sheet. thank you!

JTM Airlines, a privately held firm, is looking to buy additional gates at its home airport for $1,500,000. It has money in the bank, but that money may not be spent as it is used to pay salaries, suppliers, and equipment. It asked its bank for a loan, but the bank refused unless the project had a return higher than JTM's weighed average cost of capital. Separately, PAN Airways's CEO approached JTM's CEO to sell the airline. As a result of all this, JTM has contracted you to: 1. Calculate JTM's weighed average cost of capital (WACC) based on two airlines trading in the capital markets - PDM and GAL. Since JTM does not trade, it has no beta, so you need to use these two firms as proxies. JTM's CFO kindly gave you the necessary information on PDM and GAL for you to do this. 2. Aside from the purchase price, the gates will require a working capital infusion of $1,500,000 at purchase. JTM estimates the gates will generate cash flows of $295,500 in year 1, inflating at 4%/year over the next 12 years. After that, the gates will revert back to the airport operator. Half the working capital is recovered at the end. Calculate the NPV and IRR of the gates. 3. You were given PAN's 2020 income statement (IS) and balance sheet (BS), along with forecasts of the revenue growth. Forecast the IS and BS for the next 5 years. G H Actual 2920 2021 4496 D Projected 2012 2023 42 4096 2014 30% 2024 4.0 219 2 Theme Statement (0005) 2 Operating Revenue growth me 4 Total Operating Revenues 5 6 Wages, benefits, payroll support, Incentives 7 Aircraftful, incl. hedging boses B Alcat maintenanceront 9 Landing fees and other rentals 10 Depreciation amortizati 11 All other expenses 12 Tutal Operating Experts 13 14 Operating net 15 Total non-operating Income (expense) 16 Income before 17 Income tax expension 18 Not com 2.21) 1.790 565 437 374 1,300 6,677 her a yearly nite of Increase at a yearly rate of Increase yearly rate of Increase stayewly rated Terase at a yearly rate of The yearly rate of 7586 7.7% 5.3% 48% 5.5% 50 Increase yearly rate of 60% 1.542 (475 1.067 124 143 Balance Sheet 934 1.249 845 192 3.000 Increet Operating Revenue growth rate Increase in Raven oth 41 20 Cash and love 21 Acentele 22 eventory and supplies, et 23 Oder 24 Cart Assets 25 Other 26 Tocal Aut 22 28 Bank 29 Payables 30 CPLTD 11 O 32 C 3) LTD | 14 | Hity 15 Total Fit 36 17 Working Capital Tutto make ble the one Increase at Operating Revenue growth 149 24 44 93 2034 1.37 920 431 LTD of perview year in CPLTD of current year Equity of pervious year plus net income of current you Exclude Bank Loan