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Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 2019 2018 Assets Cash and equivalents

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Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 2019 2018 Assets Cash and equivalents $ 13,000 $ 15,000 35,000 Accounts receivable 30,000 Inventories 31,445 26,000 Total current assets $ 81,445 $ 69,000 Net plant and equipment 51,000 49,000 Total assets $132,445 $118,000 Liabilities and Equity Accounts payable $ 10,300 $ 8,500 Accruals 7,200 7,000 Notes payable 7,000 5,500 Total current liabilities $ 24,500 $ 21,000 Long-term bonds 10,000 10,000 Total liabilities $ 34,500 $ 31,000 Common stock (4,000 shares) 60,000 60,000 Retained earnings 37,945 27,000 Common equity $ 97,945 $ 87,000 Total liabilities and equity $132,445 $118,000 Income Statement for Year Ending December 31, 2019 Sales $217,000 Operating costs excluding depreciation and amortization 170,000 EBITDA $ 47,000 Depreciation & amortization 5,000 EBIT $ 42,000 Interest 5,100 EBT $ 36,900 Taxes (25%) 9,225.00 Net income 27,675.00 Dividends paid 16,730.00 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 numbe if necessary. a. What was net operating working capital for 2018 and 2019? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2018 $ million 2019 $ million b. What was Arlington's 2019 free cash flow? $ million C. Construct Arlington's 2019 statement of stockholders' equity. b. What was Arlington's 2019 free cash flow? million c. Construct Arlington's 2019 statement of stockholders' equity. Statement of Stockholders' Equity, 2019 Common Stock Retained Earnings Total Stockholders' Equity Shares Amount Balances, 12/31/18 million $ million $ million $ million 2019 Net Income million Cash Dividends million million Addition to retained earnings Balances, 12/31/19 million $ million $ million $ million d. What was Arlington's 2019 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to the nearest cent. million e. What was Arlington's MVA at year-end 2019? Assume that its stock price at December 31, 2019 was $25. Round your answer to the nearest cent. million

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