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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 $ 13,000 $ 12,000 35,000 30,000 30,205 27,000 $78,205 $ 69,000 49,000 48,000 $127,205 $117,000 Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term bonds Total abilities Common stock (4,000 shares) Retained earnings Common equity Total liabilities and equity $ 10,300 7.700 6,800 $ 24,800 15,000 $ 39,800 40,000 47,405 $ 87,405 $127,205 $ 8,000 6,000 5,350 $ 19,350 15,000 $ 34,350 40,000 42,650 $ 82,650 $117.000 Income Statement for Year Ending December 31, 2019 Sales $210,000 Operating costs excluding depreciation and amortization 160,000 EBITDA $50,000 Depreciation & amortization 5,000 EBIT $ 45,000 Interest 9,750 EBT $ 35,250 Taxes (25%) 8,812.50 Net income 26,437.50 Ch 03: End-of-Chapter Problems-LPK - Financial Statements, Cash Flow, and Taxes EBT $ 35,250 Taxes (25%) 8,812.50 Net income 26,437.50 Dividends paid 21,682.50 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. 20185 million 20195 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 Retained Shares Amount Earnings Balances, 12/31/18 million s million $ million 2019 Net Income million Cash Dividends million Addition to retained earnings Balances, 12/31/19 milion $ million $ milton d. What was Arlington's 2019 EVA? Assume that after tax cost of capital is 10%. Round your answer to the nearest cent $ million Total Stockholders' Equity $ million $ million million e. What was Arlington's MVA at year end 20197 Assume that is stock price at December 31, 2019 was $25. Round your answer to the nearest cent. million

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