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 $ 103,193 $ 89,905 Accounts receivable 105,469 86,714 Inventories 38,155 34,824 Total current assets $ 246,817 $ 211,443 Net fixed assets 69,213 43,927 Total assets $ 316,030 $ 255,370 Accounts payable $ 30,641 $ 22,580 Accruals 31,223 22,947 Notes payable 17,331 15,051 Total current liabilities $ 79,195 $ 60,578 Long-term debt 76,873 64,273 Total liabilities $ 156,068 $ 124,851 Common stock 96,000 86,000 Retained earnings 63,962 44,519 Total common equity $ 159,962 $ 130,519 Total liabilities and equity $ 316,030 $ 255,370. 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. Cash Flow, and Taxes-998146.xlsx Sales for 2021 were $468,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was $8,620,000, 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 $ fill in the blank 2 468,150 Operating costs excluding depreciation and amortization fill in the blank 3 EBITDA $ fill in the blank 4 70,222.50 Depreciation and amortization fill in the blank 5 12,458.34 EBIT $ fill in the blank 6 0 Interest fill in the blank 7 8,620 EBT $ fill in the blank 8 0 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 86,000 $ fill in the blank 14 44,519 $ fill in the blank 15 130,519 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 96,000 $ fill in the blank 22 63,962 $ fill in the blank 23 159,962 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 11.5%. What is the firm's 2021 EVA? $ fill in the blank 46 thousand Assume that the firm's stock price is $21 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