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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 $ 14,000 $ 13,000 Accounts receivable 35,000 30,000 Inventories 30,890 26,000 Total current assets $ 79,890 $ 69,000 Net plant and equipment 50,000 46,000 Total assets $129,890 $115,000 Liabilities and Equity Accounts payable $ 10,800 $ 8,000 Accruals 7,800 5,000 Notes payable 6,300 5,250 Total current liabilities $ 24,900 $ 18,250 Long-term bonds 20,000 20,000 Total liabilities $ 44,900 $ 38,250 Common stock (4,000 shares) 40,000 40,000 Retained earnings 44,990 36,750 Common equity $ 84,990 $ 76,750 Total liabilities and equity $129,890 $115,000 Income Statement for Year Ending December 31, 2019 Sales $228,000 Operating costs excluding depreciation and amortization 180,000 EBITDA $ 48,000 Depreciation & amortization 5,000 EBIT $ 43,000 Interest 3,050 EBT $ 39,950 Taxes (25%) 9,987.50 Net income 29,962.50 Dividends paid 21,722.50 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 2018 and 2019? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2018 $ 54,990 million 2019 $ 50,750 million b. What was Arlington's 2019 free cash flow? 25,210 million c. Construct Arlington's 2019 statement of stockholders' equity. Statement of Stockholders' Equity, 2019 Common Stock Retained Total Stockholders' Earnings Equity Shares Amount Balances, 12/31/18 million $ million million million 2019 Net Income million Cash Dividends 21,722.50 million Addition to retained earnings million 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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