Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Laiho Industries: Balance Sheets as of December 31 (thousands of dnllars) 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-0fb127.XlsX a. Sales for 2021 were $465,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was $8,898,000, the corporate tax rate was 25%, and Laiho pays 48.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. Construct the statement of stockholders' equity for the year ending December 31,2021 , and the 2021 statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation expense for the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) I aihn Tndustries: Statement of Cach Flows for 2021 (thousands of dollars) Lamo industries: statement or Lasn Hows tor U1 (tnousanas ot dollars) c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020:$ thousand NOWC 2021:$ 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 taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2021 EVA? $ thousand f. Assume that the firm's stock price is $23 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2021? NowC 2020:$ 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 taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2021 EVA? $ thousand f. Assume that the firm's stock price is $23 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 Financial Statements, Clash Flow, and Taxes Laiho Industries: Balance Sheets as of December 31 (in thousands of dollars) a. Constructing the firm's 2021 income statement Laiho Industries: Income Statement for Year Ending December 31, 2021 (in thousands of dollare) b. Constructing the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 Laiho Industries: Statement of Cash Flows for 2021 68 (in thousands of dollars) Investing Activities T9. Adde vis to property, plant, and equipment \#N/A 4 c. Calculating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (ECF) 5 Excesss cash 4 c. Calculating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF)