Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2019 2018 Sales $ 1,265.0 $ 1,100.0 Operating costs excluding depreciation and amortization 949.0 935.0 EBITDA $ 316.0 $ 165.0 Depreciation and amortization 29.0 22.0 Earnings before interest and taxes (EBIT) $ 287.0 $ 143.0 Interest 27.8 24.2 Earnings before taxes (EBT) $ 259.2 $ 118.8 Taxes (25%) 103.7 47.5 Net income $ 155.5 $ 71.3 Common dividends $ 140.0 $ 57.0 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2019 2018 Assets Cash and equivalents $ 13.0 $ 11.0 Accounts receivable 200.0 154.0 Inventories 215.0 187.0 Total current assets $ 428.0 $ 352.0 Net plant and equipment 286.0 220.0 Total assets $714.0 $572.0 Liabilities and Equity Accounts payable $110.0 $ 88.0 Accruals 110.0 88.0 Notes payable 25.3 22.0 Total current liabilities $ 245.3 $198.0 Long-term bonds 253.0 220.0 Total liabilities $ 498.3 $ 418.0 Common stock 178.7 132.5 Retained earnings 37.0 21.5 Common equity $ 215.7 $ 154.0 Total liabilities and equity $714.0 $572.0 Write out your answers completely. For example, 25 million should be entered as 25,000,000. Round your answers to the nearest dollar, if necessary. Negative values, if any, should be indicated by a minus sign. a. What was net operating working capital for 2018 and 2019? Assume the firm has no excess cash. 2018: $ 2019: $ b. What was the 2019 free cash flow? c. How would you explain the large increase in 2019 dividends