Laiho Industries's $2020$ and $2021$ balance sheets $($in thousands of dollars$)$ are shown.

Laiho Industries: Balance Sheets as of December $31($thousands of dollars$)$ pays $47\mathrm{.}25\%$ 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$)$

$2021$ Laiho Industries: Statement of Stockholders' Equity, December $31,2021($thousands of dollars$)$

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

$\frac{\text{\$}}{\text{\$}}$

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

$\frac{?}{\text{b}\text{a}\text{r}}($$$)$

$

$ c$.$ Calculate $2020$ and $2021$ net operating working capital $($NOWC$)$ and $2021$ free cash flow $($FCF$).$ Assume the firm has no excess cash.

NOWC ${?}_{2020}$:$

thousand

NOWC ${?}_{2021}$:$

thousand

$FC{F}_{2021}$:$

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 $10\mathrm{.}5\%.$ What is the firm's $2021$ EVA?

$

thousand

f$.$ 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 $2021?$

$

thousand