ancial Statements, Cash Flow, and Taxes Excel Activity: Financial Statements, Cash Flow, and Taxes Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. intermediate calculations. Enter your answers in thousands. For example, an answer of $1 thousand should be entered as 1,000 . Round your answers to the nearect whinge number llea a minuc sinn th enter nenative values if anv ownload spreadsheet Financial Statements, Cash Flow, and Taxes-cfb7c5.xlsx a. Sales for 2021 were $436,650,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 17% of net interest was $9,427,000, 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. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) b. Construct the statement of stockholders' equity for the year ending December 31,2021 , and the 2021 statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation expense for the year. Laiho Industries: Statement of Stockholders' Equity, December 31,2021 (thousands of dollars) Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) Operating Activities Net income Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Financing Activities Increase in notes payable $ c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC 2020:$ thousand NOWC2021:$ thousand FCF2021:$ thousand 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? taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 11.5%. What is the firm's 2021 EVA? $ thousand f. Assume that the firm's stock price is $21 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA 2021? Laiho Industries: Balance Sheets as of December 31 (in thousands of dollars) =