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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

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 $ 13,000 $ 11,000
Accounts receivable 35,000 30,000
Inventories 30,380 26,000
Total current assets $ 78,380 $ 67,000
Net plant and equipment 46,000 45,000
Total assets $124,380 $112,000
Liabilities and Equity
Accounts payable $ 10,300 $ 8,000
Accruals 7,700 6,000
Notes payable 6,300 5,050
Total current liabilities $ 24,300 $ 19,050
Long-term bonds 15,000 15,000
Total liabilities $ 39,300 $ 34,050
Common stock (4,000 shares) 40,000 40,000
Retained earnings 45,080 37,950
Common equity $ 85,080 $ 77,950
Total liabilities and equity $124,380 $112,000

Income Statement for Year Ending December 31, 2019
Sales $237,000
Operating costs excluding depreciation and amortization 190,000
EBITDA $ 47,000
Depreciation & amortization 8,000
EBIT $ 39,000
Interest 950
EBT $ 38,050
Taxes (25%) 9,512.50
Net income $ 28,537.50
Dividends paid 21,407.50

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.

  1. 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
  2. What was Arlington's 2019 free cash flow?

    $ million

  3. What was Arlington's 2019 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to the nearest cent.

    $ million

  4. 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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