1. Avanti Tech's 2011 and 2012 balance sheets (in thousands of dollars) are shown. 2012 2011 Cash 589,725 $102,850 03.365 Accounts recevable 85.527 Total current assets Net fixed assets Total assets 38444 4982 $210 234 42436 824-2670 67.165 Accounts payable S 30,761 30,477 16,717 5 77,955 s 23,109 22656 Notes payable Total oument liabilities 5 59.982 664 63914 123.896 90,000 38 774 Long-term debt Total labilties Common stock Retained earnings $154.219 100,000 57.605 Total common equity Total liabilities and equity 157,.605 $12877 a. Sales for 2012 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 1 1% of net fixed assets, interest was $8,575,000, the corporate tax rate was 40%, and Avanti Tech pays 40% of its net income as dividends. Given this information, construct the firm's 2012 income statement. b. Construct the statement of stockholders' equity for the year ending December 31, 2012, and the 2012 statement of cash flows. c. Calculate 2011 and 2012 net operating working capital (NOWC) and 2012 free cash flow (FCF) d. If Avanti Tech increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxes paid by the company's shareholders