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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 $ 15,000 $ 14,000
Accounts receivable 30,000 25,000
Inventories 26,870 22,000
Total current assets $ 71,870 $ 61,000
Net plant and equipment 50,000 45,000
Total assets $121,870 $106,000
Liabilities and Equity
Accounts payable $ 10,400 $ 9,500
Accruals 7,300 7,000
Notes payable 6,000 5,400
Total current liabilities $ 23,700 $ 21,900
Long-term bonds 20,000 20,000
Total liabilities $ 43,700 $ 41,900
Common stock (4,000 shares) 40,000 40,000
Retained earnings 38,170 24,100
Common equity $ 78,170 $ 64,100
Total liabilities and equity $121,870 $106,000

Income Statement for Year Ending December 31, 2019
Sales $213,000
Operating costs excluding depreciation and amortization 160,000
EBITDA $ 53,000
Depreciation & amortization 8,000
EBIT $ 45,000
Interest 9,750
EBT $ 35,250
Taxes (25%) 8,812.50
Net income $ 26,437.50
Dividends paid 12,367.50

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. Construct Arlington's 2019 statement of stockholders' equity.

    Statement of Stockholders' Equity, 2019
    Common Stock Retained Earnings Total Stockholders' Equity
    Shares Amount
    Balances, 12/31/18 million $ million $ million $ million
    2019 Net Income million
    Cash Dividends million
    Addition to retained earnings million
    Balances, 12/31/19 million $ million $ million $ million
  4. What was Arlington's 2019 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to the nearest cent.

    $ million

  5. 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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