Laiho Industries: Balance Sheets as of December $31($thousands of dollars$)$

$20212020$

Cash $ $101,968$ $ $88,020$

Accounts receivable $104,02787,411$

Inventories $37,04133,081$

Total current assets $ $243,036$ $ $208,512$

Net fixed assets $63,71140,772$

Total assets $ $306,747$ $ $249,284$

Accounts payable $ $29,698$ $ $22,900$

Accruals $30,94723,156$

Notes payable $18,41415,864$

Total current liabilities $ $79,059$ $ $61,920$

Long$-$term debt $78,47665,876$

Total liabilities $ $157,535$ $ $127,796$

Common stock $99,00089,000$

Retained earnings $50,21232,488$

Total common equity $ $149,212$ $ $121,488$

Total liabilities and equity $ $306,747$ $ $249,284$

Do not round intermediate calculations. Enter your answers in thousands. For example, an answer of $$1$ thousand should be entered as $1,$ not $1,000.$ Round your answers to the nearest whole number. Use a minus sign to enter negative values, if any. PART ONE: Sales for $2021$ were $$431,150,000,$ and EBITDA was $15\%$ of sales. Furthermore, depreciation and amortization were $17\%$ of net fixed assets, interest was $$8,177,000,$ the corporate tax rate was $25\%,$ and Laiho pays $48\mathrm{.}25\%$ of its net income as dividends. Given this information, construct the firm's $2021$ income statement. PART TWO: Construct the statement of stockholders' equity for the year ending December $31,2021,$ and the $2021$ statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation expense for the year. PART THREE: Calculate $2020$ and $2021$ net operating working capital $($NOWC$)$ and $2021$ free cash flow $($FCF$).$ Assume the firm has no excess cash. PART FOUR: 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?

If Laiho increased its dividend payout ratio, the firm would pay $\_\_\_\_\_\_\_\_\_$

corporate taxes and the company's shareholders would pay $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

taxes on the dividends they would receive.

Assume that the firm's after$-$tax cost of capital is $9\mathrm{.}5\%.$ What is the firm's $2021$ EVA?

Assume that the firm's stock price is $$24$ per share and that at year$-$end $2021$ the firm has $10$ million shares outstanding. What is the firm's MVA at year$-$end $2021?$ SLaiho Industries's $2020$ and $2021$ balance sheets $($in thousands of dollars$)$ are shown.

Laiho Industries: Balance Sheets as of December $31($thousands of dollars$)$