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(2 CP ? B Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 2021 2020

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(2 CP ? B Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 2021 2020 Assets Cash and equivalents $ 13,000 $ 12,000 35,000 25,000 Accounts receivable Inventories 33,210 24,000 Total current assets $81,210 $ 61,000 Net plant and equipment 48,000 46,000 Total assets $129,210 $107,000 Liabilities and Equity Accounts payable $ 10,300 $ 8,500 Accruals 7,400 5,000 5,000 Notes payable 6,300 Total current liabilities $ 24,000 $ 18,500 Long-term bonds 15,000 15,000 Total liabilities $ 39,000 $ 33,500 Common stock (4,000 shares) 60,000 60,000 Retained earnings 30,210 13,500 Common equity $ 90,210 $ 73,500 Total liabilities and equity $129,210 $107,000 Income Statement for Year Ending December 31, 2021 Sales $197,000 150,000 Operating costs excluding depreciation and amortization EBITDA $ 47,000 Depreciation & amortization 6,000 7 Income Statement for Year Ending December 31, 2021 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation & amortization. EBIT Interest EBT Taxes (25%) Net income Dividends paid $197,000 150,000 $ 47,000 6,000 $ 41,000 5,200 $ 35,800 8,950.00 $26,850.00 $10,140.00 Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000. Round your answers to the nearest whole number, if necessary. 2 a. What was net operating working capital for 2020 and 2021? Assume that all cash is excess cash; Le., this cash is not needed for operating purposes. 10 47500 million 2020$ 20215 63510 million b. What was Arlington's 2021 free cash flow? $ 12740 million c. Construct Arlington's 2021 statement of stockholders' equity, ? Statement of Stockholders' Equity, 2021 Common Stock B Retained Earnings Total Stockholders' Equity Shares Amount Balances, 12/31/20 million $ million $ million $ million million 2021 Net Income million Cash Dividends Addition to retained earnings million million $ Balances, 12/31/21 million S million $ million d. What was Arlington's 2021 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to the nearest cent. 5 million e. What was Arlington's MVA at year-end 20217 Assume that its stock price at December 31, 2021 was $25. Round your answer to the nearest cent. million

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