In its most recent financial statements, Nessler Inc. reported $$75$ million of net income and $$825$ million of retained earnings. The previous retained earnings were $$784$ million. How much in dividends were paid to shareholders during the year? Assume that all dividends declared were actually paid.

Free Cash FLOW Arlington Corporation$$s financial statements $($dollars and shares are in millions$)$ are provided here. Balance sheets as of December $312021$ Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long$-$term bonds Total liabilities Common stock $(4,000$ shares$)$ Retained earnings Common equity Total liabilities and equity $ $15,00035,00033,320$ $ $83,32048,000$ $$131,320$ $ $10,1008,0007,000$ $ $25,10020,000$ $ $45,10040,00046,220$ $ $86,220$ $$131,3202020$ $ $14,00030,00027,000$ $ $71,00046,000$ $ $117,000$ $ $9,0006,0005,050$ $ $20,05020,000$ $ $40,05040,00036,950$ $ $76,950$ $ $117,000$

$3-17$:Long$-$term bonds Total liabilities powell panther Corporation: Income statements for Year ending December $31($millions of dollars$)2021$ Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization Earnings before interest and taxes $($EBIT$)$ Interest Earnings before taxes $($EBT$)$ Taxes $(25\%)$ Net income Common dividends $ $1,200\mathrm{.}01,020\mathrm{.}0$ $ $180\mathrm{.}030\mathrm{.}0$ $ $150\mathrm{.}021\mathrm{.}7$ $ $128\mathrm{.}332\mathrm{.}196\mathrm{.}279\mathrm{.}7$ $ $ powell panther Corporation: Balance sheets as of December $31($millions of dollars$)2021$ Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities $ $12\mathrm{.}0180\mathrm{.}0180\mathrm{.}0$ $ $372\mathrm{.}0300\mathrm{.}0$ $ $672\mathrm{.}0$ $$108\mathrm{.}072\mathrm{.}067\mathrm{.}0$ $$247\mathrm{.}02020$ $ $10\mathrm{.}0150\mathrm{.}0200\mathrm{.}0$ $ $360\mathrm{.}0250\mathrm{.}0$ $ $610\mathrm{.}0$ $ $90\mathrm{.}060\mathrm{.}051\mathrm{.}5$ $ $201\mathrm{.}5($Continued$)1012020$ $$1,000\mathrm{.}0850\mathrm{.}0$ $ $150\mathrm{.}025\mathrm{.}0$ $ $125\mathrm{.}020\mathrm{.}2$ $ $104\mathrm{.}826\mathrm{.}2$ $ $78\mathrm{.}6$ $

Common stock $(50$ million shares$)$ Retained earnings Common equity Total liabilities and equity $2021150\mathrm{.}0$ $$397\mathrm{.}050\mathrm{.}0225\mathrm{.}0$ $$275\mathrm{.}0$ $$672\mathrm{.}02020150\mathrm{.}0$ $ $351\mathrm{.}550\mathrm{.}0208\mathrm{.}5$ $ $258\mathrm{.}5$ $ $610\mathrm{.}0$ a$.$ What was net operating working capital for $2020$ and $2021?$ Assume the firm has no excess cash. b$.$ What was the $2021$ free cash flow? c$.$ How would you explain the large increase in $2021$ dividends?