Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) Cash 2021 $107,977 2020 $ 88,525 Accounts receivable 104,120 86,838 Inventories 39,431 36,468 Total current assets $251,528 Net fixed assets 65,836 $317,364 $211,831 40,692 $252,523 Total assets Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 31,351 32,193 18,985 $ 82,529 77,584 $160,113 102,500 54,751 $157,25] $317,364 $ 23,130 23,604 16,105 $ 62,839 63,334 $126,173 90,000) 36,350 $126,350 $252,523 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. 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. a. Sales for 2021 were $478,150,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was $8,579,000, the corporate tax rate was 25%, and Laiho pays 47.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 2021 Sales $ 478150 Operating costs excluding depreciation and amortization 411209 EBITDA $ 66941 Depreciation and amortization 11850 EBIT $ 55091 Interest 8579 EBT Taxes (25%) $ 46512 11628 $ 34884 Net income Common dividends $ 16483 Addition to retained earnings $ 18401 b. 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. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Balances, December 31, 2020 Common stock issue 2021 Net income Cash dividends Addition to retained earnings. Total Stockholders' Common Stock Retained Earnings Equity $ $ Balances, December 31, 2021 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) Operating Activities Net income Depreciation and amortization Increase in accounts payable 2021 Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities Investing Activities $ Additions to property, plant, and equipment Net cash used in investing activities Financing Activities Increase in notes payable $ $ C Increase in notes payable Increase in long-term debt Increase in common stock Payment of common dividends Net cash provided by financing activities Summary Net increase/decrease in cash. Cash at the beginning of the year Cash at the end of the year $ $ $ $ c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020 $ NOWC2021 $ thousand thousand FCF 2021 $ thousand 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? 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. e. Assume that the firm's after-tax cost of capital is 11.5 %. What is the firm's 2021 EVA? thousand f. Assume that the firm's stock price is $21 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? thousand