Arlington Corporations financial statements (dollars and shares are in millions) are provided here.Balance sheets as of December 3120182017AssetsCash and equivalents$ 15,000$ 14,000Accounts receivable35,00030,000Inventories33,32027,000 Total current assets$ 83,320$ 71,000Net plant and equipment48,00046,000Total assets$131,320$ 117,000Liabilities and EquityAccounts payable$ 10,100$ 9,000Accruals8,0006,000Notes payable7,0005,050 Total current liabilities$ 25,100$ 20,050Long-term bonds20,00020,000 Total liabilities$ 45,100$ 40,050Common stock (4,000 shares)40,00040,000Retained earnings46,22036,950 Common equity$ 86,220$ 76,950Total liabilities and equity$131,320$ 117,000Income statement for Year ending December 31, 2018Sales$210,000Operating costs excluding depreciation and amortization160,000EBITDA$ 50,000Depreciation and amortization6,000EBIT$ 44,000Interest5,350EBT$ 38,650Taxes (40%)15,460Net income$ 23,190Dividends paid$ 13,920

a. What was net operating working capital for 2017 and 2018? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes.

b. What was Arlingtons 2018 free cash flow?

c. Construct Arlingtons 2018 statement of stockholders equity.

d. What was Arlingtons 2018 EVA? Assume that its after-tax cost of capital is 10%.

e. What was Arlingtons MVA at year-end 2018? Assume that its stock price at December 31, 2018 was $25.