Assignment 1: Chapter 3 End-of-Chapter Problems Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of d rite out your answers completely. For example, 25 million should be entered as 25,000,000, Round your answers to the nearest dollar, if necessar egative values, if any, should be indicated by a minus sign. a. What was net operating working capital for 2020 and 2021 ? Assume the firm has no excess cash. 2020:52021+5 b. What was the 2021 free cash fow? 5 c. Hew would you explain the large increase in 2021 dividends? 1. The large increase in net income from 2020 to 2021 explains the large increase in 2021 dividends. 7I. The large increase in EUrT from 2020 to 2021 explains the large incroase in 2021 dividends. III. The targe incrosse in sales from 2020 to 2021 explains the targe increase in 2021 dividends: Iv. The uarge increase in free cash flow from 2020 to 2021 explains the large increase in 2021 dividends: V. The targe uncrease in retained eamings from 2020 to 2021 expiains the large increase in 2021 dividends