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)
	2021			2020
Cash	$	100,455		$	90,320
Accounts receivable		103,013			83,658
Inventories		36,461			33,487
Total current assets	$	239,929		$	207,465
Net fixed assets		68,618			42,444
Total assets	$	308,547		$	249,909
Accounts payable	$	30,909		$	24,170
Accruals		30,061			21,309
Notes payable		16,224			14,184
Total current liabilities	$	77,194		$	59,663
Long-term debt		78,097			65,497
Total liabilities	$	155,291		$	125,160
Common stock		96,000			86,000
Retained earnings		57,256			38,749
Total common equity	$	153,256		$	124,749
Total liabilities and equity	$	308,547		$	249,909

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-0477c0.xlsx

Sales for 2021 were $448,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 17% of net fixed assets, interest was $7,875,000, 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.

Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars)
	2021
Sales	$ fill in the blank 2
Operating costs excluding depreciation and amortization	fill in the blank 3
EBITDA	$ fill in the blank 4
Depreciation and amortization	fill in the blank 5
EBIT	$ fill in the blank 6
Interest	fill in the blank 7
EBT	$ fill in the blank 8
Taxes (25%)	fill in the blank 9
Net income	$ fill in the blank 10
Common dividends	$ fill in the blank 11
Addition to retained earnings	$ fill in the blank 12

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)
	Common Stock			Retained Earnings			Total Stockholders' Equity
Balances, December 31, 2020		$ fill in the blank 13			$ fill in the blank 14			$ fill in the blank 15
Common stock issue		fill in the blank 16						fill in the blank 17
2021 Net income					fill in the blank 18
Cash dividends					fill in the blank 19
Addition to retained earnings								fill in the blank 20
Balances, December 31, 2021		$ fill in the blank 21			$ fill in the blank 22			$ fill in the blank 23

Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars)
	2021
Operating Activities
Net income	$ fill in the blank 24
Depreciation and amortization	fill in the blank 25
Increase in accounts payable	fill in the blank 26
Increase in accruals	fill in the blank 27
Increase in accounts receivable	fill in the blank 28
Increase in inventories	fill in the blank 29
Net cash provided by operating activities	$ fill in the blank 30
Investing Activities
Additions to property, plant, and equipment	$ fill in the blank 31
Net cash used in investing activities	$ fill in the blank 32
Financing Activities
Increase in notes payable	$ fill in the blank 33
Increase in long-term debt	fill in the blank 34
Increase in common stock	fill in the blank 35
Payment of common dividends	fill in the blank 36
Net cash provided by financing activities	$ fill in the blank 37
Summary
Net increase/decrease in cash	$ fill in the blank 38
Cash at the beginning of the year	fill in the blank 39
Cash at the end of the year	$ fill in the blank 40

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

NOWC₂₀₂₀: $ fill in the blank 41 thousand

NOWC₂₀₂₁: $ fill in the blank 42 thousand

FCF₂₀₂₁: $ fill in the blank 43 thousand

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 9.5%. What is the firm's 2021 EVA?

$ fill in the blank 46 thousand

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?

$ fill in the blank 47 thousand