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

a. What was net operating working capital for 2015 and 2016?
b. What was Arlington€™s 2016 free cash flow?
c. Construct Arlington€™s 2016 statement of stockholders€™ equity.
d. What was Arlington€™s 2016 EVA? Assume that its after-tax cost of capital is 10%.
e. What was Arlington€™s MVA at year-end 2016? Assume that its stock price at December 31, 2016, was $25.

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Balance Sheets as of December 31 2016 2015 Assets $ 15,000 $ 14,000 Cash and equivalents Accounts receivable 35,000 30,000 Inventories 33,320 $ 83,320 27,000 $ 71,000 Total current assets Net plant and equipment 48,000 $131,320 46,000 Total assets $117,000 Liabilities and Equity $ 10,100 $ 9,000 Accounts payable Accruals 8,000 6,000 Notes payable 5,050 7,000 $ 25,100 $ 20,050 20,000 $ 40,050 Total current liabilities Long-term bonds 20,000 $ 45,100 Total liabilities Common stock (4,000 shares) 40,000 40,000 Retained earnings 46,220 36,950 $ 76,950 $ 86,220 Common equity Total liabilities and equity $ 117,000 $131,320 Income Statement for Year Ending December 31, 2016 Sales $210,000 Operating costs excluding depreciation and amortization 160,000 EBITDA $ 50,000 Depreciation & amortization 6,000 EBIT $ 44,000 Interest 5,350 EBT $ 38,650 Taxes (40%) 15,460 Net income $ 23,190 Dividends paid $ 13,920