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) 2021 Cash $102,324 Accounts receivable 106,809 Inventories 37,942 Total current assets $247,075 Net fixed assets Total assets Accounts payable Accruals 2020 $ 88,095 87,266 34,702 64,982 $312,057 $210,063 40,915 $250,978 $ 29,670 32,614 15,078 76,410 $153,772 103,000 $ 21,650 23,824 12,748 $ 58,222 62,260 $120,482 Notes payable Total current liabilities $ 77,362 Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity 55,285 $158,285 $312,057 93,000 37,496 $130,496 $250,978 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 your answers to the nearest whole number. Use a minus sign to enter negative values, if any. a. Sales for 2021 were $431,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $8,197,000, the corporate tax rate was 25%, and Laiho pays 46.25% 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 2021 431,150,000 Operating costs excluding depreciation and amortization 365,477,500 EBITDA $ 64,672,500 Depreciation and amortization 12,447,580 EBIT Interest $ 52,224,920 8,197,000 EBT $ 44,027,920 Taxes (25%) Net income 11,006,980 $ 33,020,940 Common dividends Addition to retained earnings +A 15,267,410 17,753,530 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) Balances, December 31, 2020 Common stock issue 2021 Net income Cash dividends Common Stock Retained Earnings Addition to retained earnings Balances, December 31, 2021 $ $ Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net income Depreciation and amortization 431,150 365,478 Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities S Investing Activities Additions to property, plant, and equipment Net cash used in investing activities $ $ Total Stockholders' Equity 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: $ thousand NOWC2021: $ thousand FCF 2021 $ 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 10.5%. What is the firm's 2021 EVA? $ thousand f. Assume that the firm's stock price is $20 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