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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 $ 15,000 $ 11,000 35,000 30,000 33,335 26,000 $ 83,335 $ 67,000 49,000 47,000 $132,335 $114,000 Liabilities and Equity Accounts payable $ 10,000 $ 8,500 Accruals 7,900 7,000 Notes payable 6,300 5,450 Total current liabilities $ 24,200 $ 20,950 Long-term bonds 15,000 15,000 Total liabilities $ 39,200 $ 35,950 Common stock (4,000 shares) 50,000 50,000 Retained earnings 43,135 28,050 Common equity $ 93,135 $ 78,050 Total liabilities and equity $132,335 $114,000 Income Statement for Year Ending December 31, 2019 Sales $208,000 Operating costs excluding depreciation and amortization 160,000 EBITDA $ 48,000 Depreciation & amortization 4,000 EBIT $ 44,000 Interest 4,950 EBT $ 39,050 Taxes (25%) 9,762.50 Net income $ 29,287.50 Dividends paid 14,202.50 Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000. Round your answers to the nearest whole number, if necessary. a. What was net operating working capital for 2018 and 2019? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2018$ million 2019$ million b. What was Arlington's 2019 free cash flow? $ million C. Construct Arlington's 2019 statement of stockholders' equity. Total Stockholders' Equity million $ Statement of Stockholders' Equity, 2019 Common Stock Retained Shares Amount Earnings Balances, 12/31/18 million $ million $ million 2019 Net Income million Cash Dividends million Addition to retained earnings Balances, 12/31/19 million $ Imillion $ 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 million 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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