for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (millions of dollars) 2021 2020 Sales $1,210.0 $1,100.0 Operating costs excluding depreciation and amortization 998.0 935.0 EBITDA $ 212.0 $ 165.0 Depreciation and amortization 39.0 30.0 Earnings before interest and taxes (EBIT) $ 173.0 $ 135.0 Interest 26.6 134.2 Earnings before taxes (EBT) $ 146.4 $110.8 Taxes (25%) 58.6 44,3 Net income $ 87.8 $ 66.5 Common dividends 79.0 5 53.2 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 79.0 Powell Panther Corporation: Balance Sheets as of December 31 (millions of dollars) 53.2 2021 2020 Assets Cash and equivalents $ 14.0 $ 11.0 Accounts receivable 157.0 143.0 Inventories 211.0 176.0 Total current assets $382.0 $330.0 Net plant and equipment 386.0 2970 Total assets $768.0 $627.0 Liabilities and Equity Accounts payable $119.0 $ 99.0 Accruals 92.0 77.0 Notes payable 24.2 22.0 Total current liabilities $235.2 $198.0 Long-term bonds 242.0 220.0 Total liabilities $477.2 $418.0 Common stock 262.0 189.0 Retained earnings 28.8 20.0 Common equity $290.8 $209.0 Total liabilities and equity $768.0 $627.0 Write out your answers completely. For example, 25 million should be entered as 25,000,000. Round your answers to the nearest de Negative values, if any, should be indicated by a minus sign. 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: 5 2021: $ b. What was the 2021 free cash flow? c. How would you explain the large increase in 2021 dividends? 1. The large increase in net income from 2020 to 2021 explains the large increase in 2021 dividends. 11. The large increase in EBIT from 2020 to 2021 explains the large increase in 2021 dividends. III. The large increase in sales from 2020 to 2021 explains the targe increase in 2021 dividende IV. The large increase in free cash flow from 2020 to 2021 explains the large increase in 2021 dividends V. The large increase in retained camings from 2020 to 2021 explains the large increase in 2021 dividends