3-17 FREE CASH FLOW Pinancial information for Powell Panther Corporatios Panther Corporation is shown here. Powell Panther Corporation: Income Statements for Year Ending December tenttelit ber 31 (Millions of Dollars) 2015 2014 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation & amortization Earnings before interest and taxes (EBT) $1,200.0 1,000.0 180.0 30.0 150.0 150.0 25.0 s 125.0 20.2 $ 1048 Interest Earnings before taxes (EBT Taxes (40%) s 1283 51.3 $ 77.0 41.9 Net income 62.9 Common dividends $ 605 46.4 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2015 2014 $10.0 150.0 120 1800 180.0 53720 300.0 Cash and equivalents Accounts recelvable Total current assets Net plant and equipment Total assets 5360.0 250.0 0.0 Liabilities and Equity Accounts payable Accruals Notes payable $108.0 72.0 67.0 $247.0 1500 $397.0 50.0 225.0 $275.0 900 600 51.5 $2015 . 150.0 $3515 50.0 208.5 Total current liabilities Long-term bonds Total liabilities Common stock (50 million shares) Retained earnings Common equity Total liabilities and equity 8.5 610.0 a. b. c. What was net operating working capital for 2014 and 2015? What was the 2015 free cash flow? How would you explain the large increase in 2015 dividends