a. What is Mary's federal tax liability? b. What is her marginal tax rate? c. What is her average tax rate? ensive/Spreadsheet Problem 3-19 FINANCIAL STATEMENTS, CASH FLOW, AND TAXES Laiho Industries's 2015 and 2016 balance sheets (in thousands of dollars) are shown. 2016 2015 $102,850 89,725 Accounts receivable Inventories 38,444 $244,659 $210,234 Total current assets Net fixed assets Total assets $ 30,761 30,477 5 23,109 22,656 Accounts payable Notes payable Total current liabilities Long-term debt $ 59,982 63,914 $123,896 $ 77.955 Total liabilities Common stock Retained earnings $154,219 100,000 57,605 5157,605 Total common equity Total liabilities and equity a. Sales for 2016 were $455,150,000, 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 as dividends. Given this information, construct the firm's 2016 income statement. b. Construct the statement of stockholders' equity for the year ending December 31, 2016, and the 2016 statement of cash flows. c. Calculate 2015 and 2016 net operating working capital (NOWC) and 2016 free cash flow 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 2016 EVA? f. Assume that the firm's stock price is $22 per share and that at year-end 2016 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 20162