FINANCIAL STATEMENTS, CASH FLOW, AND TAXES Laiho Industries's 2018 and 2019 bal- ance sheets (in thousands of dollars) are shown. 2019 2018 Cash $102,850 Accounts receivable 103,365 $ 89,725 85,527 34,982 Inventories 38,444 Total current assets $244,659 $210,234 Net fixed assets 67,165 42,436 Total assets $311,824 $252,670 $ 30,761 $ 23,110 30,477 Accounts payable Accruals Notes payable Total current liabilities 22,656 16,717 14,217 $ 77,955 $ 59,983 Long-term debt 76,264 63,914 Total liabilities $154,219 $123,897 Common stock 100,000 90,000 57,605 38,773 Retained earnings Total common equity Total liabilities and equity $128,773 $157,605 $311,824 $252,670 a. Sales for 2019 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depre- ciation and amortization were 18% of net fixed assets, interest was $8,583,000, the cor- porate tax rate was 25%, and Laiho pays 47.25% of its net income as dividends. Given this information, construct the firm's 2019 income statement. b. Construct the statement of stockholders' equity for the year ending December 31, 2019, and the 2019 statement of cash flows. Calculate 2018 and 2019 net operating working capital (NOWC) and 2019 free cash flow (FCF). Assume the firm has no excess cash. 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? Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2019 EVA? f. Assume that the firm's stock price is $22 per share and that at year-end 2019 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2019? C. e