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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 Accounts receivable Inventories Total current assets Net plant and equipment Total assets $ 14,000 35,000 30,635 $ 79,635 51,000 $130,635 $ 13,000 30,000 28,000 $ 71,000 48,000 $119,000 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 $ 10,600 7,400 7,000 $ 25,000 15,000 $ 40,000 40,000 50,635 $ 90,635 $130,635 $ 8,000 5,000 5,300 $ 18,300 15,000 $ 33,300 40,000 45,700 $ 85,700 $119,000 Income Statement for Year Ending December 31, 2019 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation & amortization EBIT $213,000 160,000 $ 53,000 8,000 $ 45,000 8,700 $ 36,300 9,075.00 Interest EBT Taxes (25%) Net income $ 27,225.00 Dividends paid 22,290.00 Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000. Round your answers to the nearest whole number, if necessary. a. What was net operating working capital for 2018 and 2019? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2018$ 2019$ million million 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 Amount million $ million $ Retained Earnings Shares Total Stockholders' Equity $ million Balances, 12/31/18 2019 Net Income Cash Dividends Addition to retained earnings Balances, 12/31/19 million million million million 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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