Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) 2021 2020 Sales $2,860.0 $2,600.0 Operating costs excluding depreciation and amortization 2.145.0 2,210.0 EBITDA $ 715.0 $ 390.0 Depreciation and amortization 69.0 57.0 Earnings before interest and taxes (EBIT) $ 646.0 $ 333.0 Interest 62.9 57.2 Earnings before taxes (EBT) $ 583.1 $ 275.8 Taxes (25%) 233.2 110.3 Net income $ 349.9 $ 165.5 Common dividends $ 314.9 $ 132.4 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 2021 2020 Assets Cash and equivalents s 38.0 $ 29.0 Accounts receivable 286.0 260.0 Inventories 715.0 650.0 Total current assets $1,039.0 $ 939.0 Net plant and equipment 686.0 572.0 Total assets $1,725.0 $ 1,511.0 Liabilities and Equity Accounts payable $325.0 $ 260.0 Accruals 90.0 78.0 Notes payable 57.2 52.0 Total current liabilities $ 472.2 S $ 390.0 Long-term bonds 572.0 520.0 Total liabilities $1,044.2 $ 910.0 Common stock 596.1 551.3 Retained earnings 84.7 49.7 Common equity $ 680.8 $ 6010 Total liabilities and equity 51,725.0 $1,511.0 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 2020 and 2021? Assume the firm has no excess cash. 2020: $ 2021: $ b. What was the 2021 free cash flow? ? $ C. How would you explain the large increase in 2021 dividends? I. The large increase in net income from 2020 to 2021 explains the large increase in 2021 dividends. II. The large increase in EBIT from 2020 to 2021 explains the large increase in 2021 dividends. III. The large increase in free cash flow from 2020 to 2021 explains the large increase in 2021 dividends. IV. The large increase in sales from 2020 to 2021 explains the large increase in 2021 dividends. V. The large increase in retained earnings from 2020 to 2021 explains the large increase in 2021 dividends. -Select