Arlington Corporation's financial statements $($dollars and shares are in millions$)$ are provided here.

Balance Sheets as of December $31$

$20212020$

Assets

Cash and equivalents $ $15,000$ $ $14,000$

Accounts receivable $35,00030,000$

Inventories $30,07028,000$

Total current assets $ $80,070$ $ $72,000$

Net plant and equipment $49,00047,000$

Total assets $$129,070$ $$119,000$

Liabilities and Equity

Accounts payable $ $10,800$ $ $8,500$

Accruals $7,3007,000$

Notes payable $6,0005,400$

Total current liabilities $ $24,100$ $ $20,900$

Long$-$term bonds $15,00015,000$

Total liabilities $ $39,100$ $ $35,900$

Common stock $(4,000$ shares$)50,00050,000$

Retained earnings $39,97033,100$

Common equity $ $89,970$ $ $83,100$

Total liabilities and equity $$129,070$ $$119,000$

Income Statement for Year Ending December $31,2021$

Sales $$201,000$

Operating costs excluding depreciation and amortization $150,000$

EBITDA $ $51,000$

Depreciation & amortization $7,000$

EBIT $ $44,000$

Interest $7,850$

EBT $ $36,150$

Taxes $(25\%)9,037\mathrm{.}50$

Net income $$27,112\mathrm{.}50$

Dividends paid $$20,242\mathrm{.}50$Enter your answers in millions. For example, an answer of $$25,000,000,000$ should be entered as $25,000.$ Round your answers to the nearest whole number, if necessary.

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?

$$,$ million

c$.$ Construct Arlington's $2021$ statement of stockholders' equity.

Statement of Stockholders' Equity, $2021$

Common Stock

Shares

Balances, $12/31/20$

$2021$ Net Income

Cash Dividends

Addition to retained

earnings

Balances, $12/31/21$

Retained

Earnings

million

Amount

$

million

million

million

million

d$.$ What was Arlington's $2021$ EVA? Assume that its after$-$tax cost of capital is $10\%.$ Round your answer to the nearest cent.

$

million

Total Stockholders'

Equity

million $ million

million

million

million $$,$ million $ million

e$.$ What was Arlington's MVA at year$-$end $2021?$ Assume that its stock price at December $31,2021$ was $$25.$ Round your answer to the nearest cent.

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