QUESTION 3 [12 marks] a) Given the below data: What is the ending PPE balance for 2020? Please follow the BASE method to complete your calculation. (in thousand) 2020F Assumptions for 2020 2018 2019 1,632,168 2,119,532 Revenue Revenue growth 15% Assume a revenue growth rate of 15% PPE Beginning Addition (Capex) Subtraction Depreciation) Ending Assume CAPEX is 3% of revenue Depreciation is 10% of beginning PPE 315.512 (4 marks) Show your workings here: QUESTION 3 continued: b) Now given the below data, calculate the change in OWC for 2019 and 2020. (in thousand) 2018 2019 2020F Assumptions for 2020 Revenue 1.632,168 2,119,532 Revenue growth 15% Assume a revenue growth rate of 15% 530.109 OCA OCL Owc OWC as % of Revenue Change in OWC 272,988 120,765 152.223 298.398 231.711 Assume OWC as % of Revenue in 2020 = 2019 (4 marks) Show your workings here: QUESTION 3 continued: c) Should a firm have as much as possible OCL and as little as possible OCA? Briefly explain. (4 marks)