3-19 FINANCIAL STATEMENTS, CASH FLOW, AND TAXES Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Laiho Industries: Balance Sheets as of Disember 31 (thousands of dollars) Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings 2021 Total common equity Total liabilities and equity $102,850 103,365 38,444 $244,659 67,165 $311,824 $ 30,761 30,477 16,717 $ 77,955 2020 Lalho Industries: Balance Sheets as of December 31 (thousands of dollars) 2021 76,264 $154,219 100,000 57,605 $157,605 $311,824 $ 89,725 85,527 34,982 $210,234 42,436 $252,670 $ 23,110 22,656 14,217 $ 59,983 2020 63,914 $123,897 90,000 38,773 $128,773 $252,670

3-19 FINANCIAL STATEMENTS, CASH FLOW, AND TAXES Laiho industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Lalhe tndustries nalance Sheets as of Dyember 31 (theusands of dollars) Latho industries Balance Sheets as ef Oecember 31 (thousands of dellars) a. Sales for 2021 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was $8,583,000, the corporate tax rate was 25%, and Laiho pays 47.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. b. Construct the statement of stockholders' equity for the year ending December 31,2021 , and the 2021 statement of cash flows. c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has m excess cash. d. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxes paid by the company's shareholders? e. Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2021 EVA? f. Assume that the firm's stock price is $22 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2021