Excel Activity: Financial Statements, Cash Flow, and Taxes Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are sh Laiho Industries: Balance Sheets as of December Tne cata nas been collected in the Microsoft Excel file below. Download the spreads thousand should be entered as 1 , not 1,000 . Round your answers to the nearest wi ctatament of Cash Flows for C. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (ECF). Assume the firm has no excess cash. d. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxens paid by the company's stiareholders? If Laiho increased its dividend payout ratio, the firm would pay corporate taxes and the company's shareholders would pay taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 11.5\%. What is the firm's 2021 EVA? 5 thousand. f. A5sume that the firm's stock price is $23 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2021 ? 5 thousand: Excel Activity: Financial Statements, Cash Flow, and Taxes Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are sh Laiho Industries: Balance Sheets as of December Tne cata nas been collected in the Microsoft Excel file below. Download the spreads thousand should be entered as 1 , not 1,000 . Round your answers to the nearest wi ctatament of Cash Flows for C. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (ECF). Assume the firm has no excess cash. d. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxens paid by the company's stiareholders? If Laiho increased its dividend payout ratio, the firm would pay corporate taxes and the company's shareholders would pay taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 11.5\%. What is the firm's 2021 EVA? 5 thousand. f. A5sume that the firm's stock price is $23 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2021 ? 5 thousand