Excel Activity: Financial Statements, Cash Flow, and Taxes: Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. a. Sales for 2021 were $474,150,000, and EBITDA was 14\% of sales. Furthermore, depreciation and amortization were 18\% of net fixed assets, interest was $9,466,000, the corporate tax rate was 25%, and Lalho pays 48.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. Lalho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Hint: D. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreclation expense for the year. Lalho Industries: Statement of Stockholders' Equlty, Decernber 31, 2021 (thousands af dollars) Lalho Industrles: Statement of Cash Flows for 2021 (thousands of dollars) Lalho Industriest Statement of Cash Flows for 2021 (thousands of doliars) c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excoss cash. NOWC2020:5 thousand NOWC2021$ thousand FCF2021: $ thousand d. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxes paid by the company's shareholders? c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. d. If Loino increased its dividend payout ratio, what effect would this have on corporate taxes paldr What effect would this hove on taxes pald by the compeny's shareholders? If Laino increased its dividend payout ratio, the firm would pay corporate taxes and the company's shereholders would pay taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 10.5\%. What is the firm's 2021 EVA? 3. thousand f. Assume that the firm's stock price is $24 per share and that at year-end 2021 the firm has 10 milion shares outstanding. What is the firm's MVA at year-end 2021? $ thousand