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

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Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term bonds Total liabilities Common stock (4,000 shares) Retained earnings Common equity Total liabilities and equity 2019 $ 13,000 35,000 31,255 $ 79,255 53,000 $132,255 $ 10,800 7,100 6,700 $ 24,600 10,000 $ 34,600 50,000 47,655 $ 97,655 $132,255 2018 $ 12,000 25,000 23,000 $ 60,000 48,000 $108,000 $ 8,500 7,000 5,500 $ 21,000 10,000 $ 31,000 50,000 27,000 $ 77,000 $108,000 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation & amortization EBIT Income Statement for Year Ending December 31, 2019 Interest EBT Taxes (25%) Net income $219,000 170,000 $ 49,000 5,000 $44,000 8,100 $ 35,900 8,975.00 $ 26,925.00 Dividends paid 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 2018 and 2019? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2018 $ million million 2019 $ b. What was Arlington's 2019 free cash flow? $ million 6,270.00 c. Construct Arlington's 2019 statement of stockholders' equity. Balances, 12/31/18 2019 Net Income Shares $ Statement of Stockholders' Equity, 2019 Common Stock million $ Amount million $ Retained Earnings million million million Total Stockholders' Equity $ Cash Dividends Addition to retained earnings Balances, 12/31/19 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 million $ million million

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