Balance Sheets as of December 31
	2019		2018
Assets
Cash and equivalents	$ 13,000		$ 11,000
Accounts receivable	30,000		25,000
Inventories	28,095		24,000
Total current assets	$ 71,095		$ 60,000
Net plant and equipment	54,000		49,000
Total assets	$125,095		$109,000
Liabilities and Equity
Accounts payable	$ 10,800		$ 8,500
Accruals	7,400		5,000
Notes payable	6,500		5,050
Total current liabilities	$ 24,700		$ 18,550
Long-term bonds	15,000		15,000
Total liabilities	$ 39,700		$ 33,550
Common stock (4,000 shares)	60,000		60,000
Retained earnings	25,395		15,450
Common equity	$ 85,395		$ 75,450
Total liabilities and equity	$125,095		$109,000

Income Statement for Year Ending December 31, 2019
Sales	$229,000
Operating costs excluding depreciation and amortization	180,000
EBITDA	$ 49,000
Depreciation & amortization	8,000
EBIT	$ 41,000
Interest	2,700
EBT	$ 38,300
Taxes (25%)	9,575.00
Net income	$ 28,725.00
Dividends paid	18,780.00

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