Cash$102,850$ 89,725Accounts receivable103,36585,527Inventories38,44434,982 Total current assets$244,659$210,234Net fixed assets67,16542,436 Total assets$311,824$252,670Accounts payable$ 30,761$ 23,109Accruals30,47722,656Notes payable16,71714,217 Total current liabilities$ 77,955$ 59,982Long-term debt76,26463,914 Total liabilities$154,219$123,896Common stock100,00090,000Retained earnings57,60538,774 Total common equity$157,605$128,774 Total liabilities and equity$311,824$252,670

a. Sales for 2018 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depre-ciation and amortization were 11% of net fixed assets, interest was $8,575,000, thecorporate tax rate was 40%, and Laiho pays 40% of its net income as dividends. Giventhis information, construct the firms 2018 income statement. b. Construct the statement of stockholders equity for the year ending December 31, 2018,and the 2018 statement of cash flows.c. Calculate 2017 and 2018 net operating working capital (NOWC) and 2018 free cashflow (FCF). Assume the firm has no excess cash.d. If Laiho increased its dividend payout ratio, what effect would this have on corporatetaxes paid? What effect would this have on taxes paid by the companys share-holders?e. Assume that the firms after-tax cost of capital is 10.5%. What is the firms 2018 EVA?f. Assume that the firms stock price is $22 per share and that at year-end 2018 the firmhas 10 million shares outstanding. What is the firms MVA at year-end 2018