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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 $ 15,000 $ 14,000 Accounts receivable 30,000 25,000 28,010 Inventories 23,000 $ 62,000 $ 73,010 Total current assets Net plant and equipment 50,000 46,000 Total assets $108,000 $123,010 Liabilities and Equity $ 10,800 $ 9,000 Accounts payable Accruals 8,000 6,000 Notes payable 6,000 5,500 $ 24,800 $ 20,500 Total current liabilities 10,000 Long-term bonds 10,000 $ 34,800 $ 30,500 Total liabilities Common stock (4,000 shares) 60,000 60,000 Retained earnings 28,210 17,500 s 88,210 $ 77.500 Common equity Total liabilities and equitY S108.000 $123.010 Income Statement for Year Ending December 31, 2019 $249,000 Sales Operating costs excluding depreciation and amortization 200,000 $49,000 EBITDA Depreciation & amortization 6.000 $ 43,000 EBIT Interest 6,050 $ 36,950 EBT Taxes (25%) 9.237.50 Net income 27,712.50 Dividends paid 17.002.50 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 2010 and 20197 Assume that all cash is excess cash; le, 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. Statement of Stockholders' Equity, 2019 Statement of Stockholders' Equity, 2019 Common Stock Retained Total Stockholders" Earnings Equity Shares Amount Balances, 12/31/18 million million million %24 million $4 %24 million 2019 Net Income Cash Dividends million Addition to retained million earnings Balances, 12/31/19 million million %$4 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 vas $25. Round your answer to the nearest cent. million %24

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