Arlington Corporation€™s financial statements (dollars and shares are in millions) are provided here.

a. What was net operating working capital for 2017 and 2018? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes.
b. What was Arlington€™s 2018 free cash flow?
c. Construct Arlington€™s 2018 statement of stockholders€™ equity.

d. What was Arlington€™s 2018 EVA? Assume that its after-tax cost of capital is 10%.
e. What was Arlington€™s MVA at year-end 2018? Assume that its stock price at December 31, 2018 was $25.

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Balance Sheets as of December 31 2018 2017 Assets $ 15,000 $ 14,000 Cash and equivalents Accounts receivable 35,000 30,000 Inventories 33,320 27,000 $ 83,320 $ 71,000 Total current assets Net plant and equipment 48,000 46,000 $ 117,000 Total assets $131,320 Liabilities and Equity $ 10,100 Accounts payable $ 9,000 Accruals 8,000 6,000 Notes payable 7,000 5,050 $ 25,100 $ 20,050 Total current liabilities Long-term bonds 20,000 20,000 $ 45,100 $ 40,050 Total liabilities Common stock (4,000 shares) 40,000 40,000 Retained earnings 46,220 36,950 Common equity $ 76,950 $ 117,000 $ 86,220 Total liabilities and equity $131,320 Income Statement for Year Ending December 31, 2018 Sales $210,000 Operating costs excluding depreciation and amortization 160,000 EBITDA $ 50,000 Depreciation and amortization 6,000 EBIT $ 44,000 Interest 5,350 EBT $ 38,650 Taxes (40%) 15,460 $ 23,190 $ 13,920 Net income Dividends paid