Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) 2021 2020 Cash $109,046 $ 91,485 Accounts receivable 105,395 85,610 Inventories 39,891 35,647 Total current assets $253,332 $213,742 Net fixed assets 65,668 42,370 Total assets $319,000 $256,121 $ 29,945 33,050 17,524 $ 80,519 75,804 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total abilities Common stock Retained earnings Total common equity Total liabilities and equity $ 22,950 24,244 14,774 $ 61,968 64,054 $126,022 93,000 37,099 $130,099 $256,121 $157,323 105,500 56,177 $161,677 $319,000 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. Download spreadsheet Financial Statements Cash Flow, and Taxes-f2dd87.xlsx a. Sales for 2021 were $449,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 17% of net fixed assets, interest was 57,836,000, 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 $ $ Operating costs excluding depreciation and amortization EBITDA $ Depreciation and amortization EBIT $ Interest EBT $ Taxes (25%) Net Income $ $ Common dividends Addition to retained earnings 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) Total Stockholders' Common Stock Retained Earnings Equity Balances, December 31, 2020 $ $ $ Common stock issue 2021 Net Income Cash dividends Addition to retained earnings Balances, December 31, 2021 $ $ Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net Income $ Depreciation and amortization Increase in accounts payable 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 $ 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: $ thousand NOWC2021: $ thousand FCF2021: $ 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 v taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 9.5%. What is the firm's 2021 EVA? $ thousand f. Assume that the firm's stock price is $20 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