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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 $ 13,000
Accounts receivable 35,000 30,000
Inventories 31,025 29,000
Total current assets $ 81,025 $ 72,000
Net plant and equipment 50,000 49,000
Total assets $131,025 $121,000
Liabilities and Equity
Accounts payable $ 10,600 $ 9,000
Accruals 7,400 6,000
Notes payable 6,200 5,300
Total current liabilities $ 24,200 $ 20,300
Long-term bonds 20,000 20,000
Total liabilities $ 44,200 $ 40,300
Common stock (4,000 shares) 60,000 60,000
Retained earnings 26,825 20,700
Common equity $ 86,825 $ 80,700
Total liabilities and equity $131,025 $121,000

Income Statement for Year Ending December 31, 2019
Sales $240,000
Operating costs excluding depreciation and amortization 190,000
EBITDA $ 50,000
Depreciation & amortization 7,000
EBIT $ 43,000
Interest 5,350
EBT $ 37,650
Taxes (25%) 9,412.50
Net income $ 28,237.50
Dividends paid 22,112.50

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.

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