Excel Activity: Financial Statements, Cash Flow, and Taxes Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Laiho Industries: Balance Sheets as of Deramhan 9 , r.t a. Sales for 2021 were $452,150,000, and EBIIDA was 14% of sales. Furthermore, depreaation and amortization were 17% of net foced assets, interest was $9,326,000, the corporate tax rate was 25%, and taiho pays 48.25% of its net income as dividends. Given thes information, construct the firris 2021 income staternent. Laiho Industries: Income Statement for Year Ending December 31,2021 (thousands of dollars) Construct the statement of stockholders' equity for the year ending December 31,2021 , and the 2021 statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation expense for ahe year. Laiho Industriest Statemans asea.-... 1 aibo Industries: Statement of Cash Hows for 2021 (thousands of dollars) c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess casth. N20C2020:$NOWCF20215021:$thousandthousand3thousand d. If Laiho incteased its dividend payout ratio, what effect would this have pn corporate taxes paid? What effect would this have on taxes paid shareholders? If Laiho increased its dividend payout ratio, the firm would pay D corporate toxes and the company's shareholders taxes on the dividends they would recerve. e. Assume that the firm's after-tax cost of capital is 11.5%. What is the firm's 2021 EVA? e. Assuine that the firm's after-tax cost of captal is 11.5\%,. What is the firm's 2021 EVA? 3 thousand $ 0 thousand