3-11 FINANCIAL STATEMENTS, CASH FLOW, AND TAXES Laiho Industries 2007 and 2008 balance sheets (in thousands of dollars) are shown. 2008 2007 Cash 5102,850 5 89,725 Accounts receivable 103.365 85.522 Inventories 38.444 34.982 Total current assets 5244659 $210.234 Net foxed assets 67.165 42436 Total assets $311 824 $252670 Accounts payable $ 30,761 $ 23,109 Accruals 30477 22.656 Notes payable 16712 14217 Total current liabilities 577,955 $ 59,982 Long term debt 76.264 6914 Total liabilities 51540219 $123,896 Common stock 100,000 90.000 Retained camnings 57605 38.774 Total common equity 5157605 5128774 Total liabilities and equity $311 824 5252670 a Sales for 2008 were 5455,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 11% of net fixed assets, interest was $8,575,000, the corporate tax rate was 40%, and Laiho pays 40% of its net income individends. Given this information, construct the firm's 2006 income statement b. Construct the statement of stockholders' equity for the year ending December 31, 2008, and the 2008 statement of cash flows. c. Calculate 2007 and 2008 net working capital and 2008 free cash flow