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 December 31 (thousands of dollars) Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Accounts payable Accruals Notes payable 2021 $101,879 104,323 40,304 $246,506 2020 $ 88,700 85,255 36,584 69,321 $315,827 $210,539 44,355 $254,894 $ 30,026 31,224 18,234 76,321 $155,805 $ 22,140 23,434 15,814 $ 61,388 63,021 $124,409 Total current liabilities $ 79,484 Long-term debt Total liabilities Common stock Retained earnings Total common equity 100,500 59,522 $160,022 Total liabilities and equity $315,827 88,000 42,485 $130,485 $254,894 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Enter your answers in thousands. For example, an answer of $1 thousand should be entered as 1, not 1,000. Round a. Sales for 2021 were $465,150,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $8,887,000, the corporate tax rate was 25%, and Laiho pays 47.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization EBIT Interest EBT Taxes (25%) Net income $ +A 2021 Common dividends Addition to retained earnings b. 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 the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Total Stockholders' Common Stock Retained Earnings Equity Balances, December 31, 2020 $ $ $ Common stock issue 2021 Net income Cash dividends Addition to retained earnings Balances, December 31, 2021 $ Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) Operating Activities Net income Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities $ Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Financing Activities $ $ 2021 $ Financing Activities Increase in notes payable Increase in long-term debt Increase in common stock Payment of common dividends Net cash provided by financing activities Summary $ Net increase/decrease in cash Cash at the beginning of the year Cash at the end of the year $ c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020: $ NOWC2021: $ thousand 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? 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 9.5%. What is the firm's 2021 EVA? f. Assume that the firm's stock price is $24 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? $ thousand