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4. Problem 3.17 (Free Cash Flow) Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31

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4. Problem 3.17 (Free Cash Flow) Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) c. How would you explain the large increase in 2021 dividends? I. The large increase in net income from 2020 to 2021 explains the large increase in 2021 dividends. II. The large increase in EBIT from 2020 to 2021 explains the large increase in 2021 dividends. III. The large increase in sales from 2020 to 2021 explains the large increase in 2021 dividends. IV. The large increase in retained earnings from 2020 to 2021 explains the large increase in 2021 dividends. V. The large increase in free cash flow from 2020 to 2021 explains the large increase in 2021 dividends

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