3. Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 2016 2015 Assets Cash and equivalents $ 15,000 $ 14,000 Accounts receivable 35,000 30,000 Inventories 33320 27,000 Total current assets $ 83,320 $ 71,000 Net plant and equipment 48.000 46,000 Total assets $131,320 $117.000 Liabilities and Equity Accounts payable $ 10,100 $9.000 Accruals 8.000 6,000 Notes payable 7,000 5,050 Total current liabilities $ 25,100 $ 20,050 Long-term bonds 20,000 20,000 Total abilities 545,100 $40050 Common stock (4.000 shares) 40,000 40,000 Retained earnings 46.220 36,950 Common equity $ 86.220 $ 76,950 Total liabilities and equity $131,320 $117.000 Income Statement for Year Ending December 31, 2016 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation & amortization EBIT Interest EBT Taxes (40%) Net income Dividends paid $210,000 160.000 $ 50,000 6.000 $ 44,000 5.350 $ 38,650 15460 $ 23,190 $ 13.920 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