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

a. What was net operating working capital for 2020 and 2021? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes.

b. What was Arlington’s 2021 free cash flow?

c. Construct Arlington’s 2021 statement of stockholders’ equity.

d. What was Arlington’s 2021 EVA? Assume that its after-tax cost of capital is 10%.

e. What was Arlington’s MVA at year-end 2021? Assume that its stock price at December 31, 2021 was $25.

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Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term bonds Total liabilities Common stock (4,000 shares) Retained earnings Common equity Total liabilities and equity Balance Sheets as of December 31 2021 $ 15,000 35,000 33,320 $ 83,320 48,000 $131,320 $ 10,100 8,000 7,000 $ 25,100 20,000 $ 45,100 40,000 46,220 $ 86,220 $131,320 2020 $ 14,000 30,000 27,000 $ 71,000 46,000 $ 117,000 $ 9,000 6,000 5,050 $ 20,050 20,000 $ 40,050 40,000 36,950 $ 76,950 $ 117,000