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	$	104,725		$	91,485
Accounts receivable		104,099			86,614
Inventories		37,750			34,430
Total current assets	$	246,574		$	212,529
Net fixed assets		69,816			43,545
Total assets	$	316,390		$	256,074
Accounts payable	$	30,102		$	22,790
Accruals		30,677			23,159
Notes payable		18,954			16,054
Total current liabilities	$	79,733		$	62,003
Long-term debt		74,929			64,579
Total liabilities	$	154,662		$	126,582
Common stock		100,500			88,000
Retained earnings		61,228			41,492
Total common equity	$	161,728		$	129,492
Total liabilities and equity	$	316,390		$	256,074

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.

Sales for 2021 were $471,650,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was $9,224,000, the corporate tax rate was 25%, and Laiho pays 46.25% 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
Operating costs excluding depreciation and amortization	fill in the blank
EBITDA	$ fill in the blank
Depreciation and amortization	fill in the blank
EBIT	$ fill in the blank
Interest	fill in the blank
EBT	$ fill in the blank
Taxes (25%)	fill in the blank
Net income	$ fill in the blank
Common dividends	$ fill in the blank
Addition to retained earnings	$ fill in the blank

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			$ fill in the blank
Common stock issue								fill in the blank
2021 Net income					fill in the blank
Cash dividends					fill in the blank
Addition to retained earnings								fill in the blank
Balances, December 31, 2021		$ fill in the blank			$ fill in the blank			$ fill in the blank

Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars)
	2021
Operating Activities
Net income	$ fill in the blank
Depreciation and amortization	fill in the blank
Increase in accounts payable	fill in the blank
Increase in accruals	fill in the blank
Increase in accounts receivable	fill in the blank
Increase in inventories	fill in the blank
Net cash provided by operating activities	$ fill in the blank
Investing Activities
Additions to property, plant, and equipment	$ fill in the blank
Net cash used in investing activities	$ fill in the blank
Financing Activities
Increase in notes payable	$ fill in the blank
Increase in long-term debt	fill in the blank
Increase in common stock	fill in the blank
Payment of common dividends	fill in the blank
Net cash provided by financing activities	$ fill in the blank
Summary
Net increase/decrease in cash	$ fill in the blank
Cash at the beginning of the year	fill in the blank
Cash at the end of the year	$ fill in the blank

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

NOWC₂₀₂₁: $ fill in the blank

FCF₂₀₂₁: $ fill in the blank

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

morel/ess the same amount of

corporate taxes and the company's shareholders would pay

more/less the same amount of

taxes on the dividends they would receive.

Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2021 EVA?

$ fill in the blank

Assume that the firm's stock price is $22 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