Answer questions A through E

14. FREE CASH FLOW Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Income Statement for Year Ending December 31, 2021 a. What was net operating working capital for 2020 and 2021 ? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. b. What was Arlington's 2021 free cash flow? c. Construct Arlington's 2021 statement of stockholders' equity. d. What was Arlington's 2021 EVA? Assume that its after-tax cost of capital is 10%. e. What was Arlington's MVA at year-end 2021 ? Assume that its stock price at December 31, 2021 was $25