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3-17 FREE CASH FLOW Financial information for Powell Panther Corporation is shown here. Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of

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3-17 FREE CASH FLOW Financial information for Powell Panther Corporation is shown here. Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) a. What was net operating working capital for 2018 and 2019? Assume the firm has no excess cash. b. What was the 2019 free cash flow? c. How would you explain the large increase in 2019 dividends? Powell Panther Corporation: Balance Sheets as of December 31

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