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 thnueande nf dallarel The data has been collected in the Microsoft Excel fle 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 $460,650,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 17% of net fixed assets, interest was $9,459,000, the corporate tax rate was 25%, and Laiho pays 48.25% of its net income as dividends. Given this information, cons the firm's 2021 inincome statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash nows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation expense for the yesar. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) -unis andustries: Statement of Cash Flows for 2021 (thousands of dollars) Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC 2020:5 thousand NOWC 2021:$ thousend 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 compary's shareholders would pay taxes on the dividends they would recelve. e. Assume that the firm's after-tax cost of capital is 9.5%. What is the firm's 2021 EVA? $ thousand f. Assume that the firm's stock price is $24 per share and that at year-end 2021 the firm has 10 malion shares outstanding. What is the firm's MvA at year-end 2021 ? $ thousand